Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RYI | |
Entity Registrant Name | RYERSON HOLDING CORPORATION | |
Entity Central Index Key | 1,481,582 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,037,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net sales | $ 840.4 | $ 931.5 | $ 1,708.4 | $ 1,805.9 |
Cost of materials sold | 674.6 | 777.1 | 1,392.6 | 1,503.8 |
Gross profit | 165.8 | 154.4 | 315.8 | 302.1 |
Warehousing, delivery, selling, general and administrative | 114.2 | 120.2 | 230.6 | 238 |
Impairment charges on fixed assets | 1.4 | 1.4 | ||
Operating profit | 50.2 | 34.2 | 83.8 | 64.1 |
Other income and (expense), net | (0.6) | (1.7) | (11.9) | 0.3 |
Interest and other expense on debt | (23.8) | (27.5) | (49.1) | (54.9) |
Income before income taxes | 25.8 | 5 | 22.8 | 9.5 |
Provision for income taxes | 10.2 | 2.5 | 10 | 5.6 |
Net income | 15.6 | 2.5 | 12.8 | 3.9 |
Less: Net loss attributable to noncontrolling interest | (0.2) | (0.1) | (0.5) | (0.3) |
Net income attributable to Ryerson Holding Corporation | 15.8 | 2.6 | 13.3 | 4.2 |
Comprehensive income | 20.1 | 5.9 | 11 | 0.3 |
Less: Comprehensive loss attributable to noncontrolling interest | (0.3) | (0.1) | (0.6) | (0.3) |
Comprehensive income attributable to Ryerson Holding Corporation | $ 20.4 | $ 6 | $ 11.6 | $ 0.6 |
Basic and diluted earnings per share | $ 0.49 | $ 0.13 | $ 0.41 | $ 0.20 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net income | $ 12.8 | $ 3.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 22.2 | 22.4 |
Deferred income taxes | 10.8 | 6.4 |
Provision for allowances, claims and doubtful accounts | 2 | 1.3 |
Loss on retirement of debt | 0.7 | |
Other-than-temporary impairment charge on available-for-sale investments | 12.3 | |
Impairment charges on fixed assets | 1.4 | |
Other items | (0.7) | 0.1 |
Change in operating assets and liabilities: | ||
Receivables | 4.8 | (81.9) |
Inventories | 80 | 10.1 |
Other assets | 3.1 | 6.8 |
Accounts payable | 53 | 64.7 |
Accrued liabilities | (8.5) | 7.2 |
Accrued taxes payable/receivable | (2.8) | (1) |
Deferred employee benefit costs | (28.2) | (30.5) |
Net adjustments | 150.1 | 5.6 |
Net cash provided by operating activities | 162.9 | 9.5 |
Investing activities: | ||
(Increase) decrease in restricted cash | 0.3 | (0.1) |
Capital expenditures | (12.7) | (8.2) |
Proceeds from sales of property, plant and equipment | 2.4 | 1.2 |
Net cash used in investing activities | (10) | (7.1) |
Financing activities: | ||
Repayment of debt | (45.8) | |
Net repayments of short term borrowings | (69) | (40) |
Net increase (decrease) in book overdrafts | (29.5) | 47.5 |
Principal payments on capital lease obligation | (0.7) | (0.5) |
Net cash provided by (used in) financing activities | (145) | 7 |
Net increase in cash and cash equivalents | 7.9 | 9.4 |
Effect of exchange rate changes on cash and cash equivalents | (1.9) | (0.9) |
Net change in cash and cash equivalents | 6 | 8.5 |
Cash and cash equivalents—beginning of period | 60 | 74.4 |
Cash and cash equivalents—end of period | 66 | 82.9 |
Cash paid during the period for: | ||
Interest paid to third parties | 45.9 | 50.9 |
Income taxes, net | 2 | 1.1 |
Noncash investing activities: | ||
Asset additions under capital leases | $ 1.8 | $ 3.4 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 66 | $ 60 |
Restricted cash | 1.7 | 2 |
Receivables less provision for allowances, claims and doubtful accounts | 390.8 | 400.8 |
Inventories | 655.1 | 738.9 |
Prepaid expenses and other current assets | 40 | 39.7 |
Total current assets | 1,153.6 | 1,241.4 |
Property, plant, and equipment, at cost | 660.6 | 654.5 |
Less: Accumulated depreciation | 245.2 | 228.7 |
Property, plant and equipment, net | 415.4 | 425.8 |
Deferred income taxes | 119 | 134.1 |
Other intangible assets | 47.6 | 50.9 |
Goodwill | 101.3 | 102.7 |
Deferred charges and other assets | 18.5 | 22 |
Total assets | 1,855.4 | 1,976.9 |
Current liabilities: | ||
Accounts payable | 243.6 | 220.8 |
Salaries, wages and commissions | 33 | 45.1 |
Deferred income taxes | 105.6 | 106.7 |
Other accrued liabilities | 54.2 | 51.9 |
Short-term debt | 25 | 66.6 |
Current portion of deferred employee benefits | 11 | 11.1 |
Total current liabilities | 472.4 | 502.2 |
Long-term debt | 1,120 | 1,192.5 |
Deferred employee benefits | 353.5 | 385.2 |
Taxes and other credits | 24.4 | 22.9 |
Total liabilities | $ 1,970.3 | $ 2,102.8 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | $ 0.7 | $ 1 |
Ryerson Holding Corporation stockholders’ equity (deficit): | ||
Preferred stock, value | ||
Common stock, value | $ 0.3 | $ 0.3 |
Capital in excess of par value | 302 | 302 |
Accumulated deficit | (119.5) | (132.8) |
Treasury stock at cost – Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (293.1) | (291.4) |
Total Ryerson Holding Corporation stockholders’ equity (deficit) | (116.9) | (128.5) |
Noncontrolling interest | 1.3 | 1.6 |
Total equity (deficit) | (115.6) | (126.9) |
Total liabilities and equity | $ 1,855.4 | $ 1,976.9 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Receivables, provision for allowances, claims and doubtful accounts | $ 6.5 | $ 5.3 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,250,000 | 32,250,000 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Financial Statements | NOTE 1: FINANCIAL STATEMENTS Ryerson Holding Corporation (“Ryerson”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 21,037,500 shares of our common stock, which is approximately 66% Ryerson conducts materials distribution operations in the United States through JT Ryerson, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials distribution operations in China through Ryerson China Limited (“Ryerson China”), and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have a 50% direct ownership percentage. Unless the context indicates otherwise, Ryerson, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” On July 23, 2014, our Board of Directors approved a 4.25 for 1.00 stock split of the Company’s common stock effective August 5, 2014. Per share and share amounts presented herein have been adjusted for all periods presented to give retroactive effect to 4.25 for 1.00 stock split. On August 13, 2014, Ryerson completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. Net proceeds from the offering totaled $112.4 million, after deducting the underwriting discount and offering expenses, and were used to (i) redeem $99.5 million in aggregate principal amount of the 11 1 4 The following table shows our percentage of sales by major product lines for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended Six Months Ended June 30, June 30, Product Line 2015 2014 2015 2014 Carbon Steel Flat 24 % 27 % 24 % 27 % Carbon Steel Plate 11 11 11 11 Carbon Steel Long 15 15 16 16 Stainless Steel Flat 17 16 17 16 Stainless Steel Plate 4 4 4 4 Stainless Steel Long 3 3 3 3 Aluminum Flat 17 15 16 14 Aluminum Plate 3 3 3 3 Aluminum Long 4 4 4 4 Other 2 2 2 2 Total 100 % 100 % 100 % 100 % Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The financial statements as of June 30, 2015 and for the three-month and six-month periods ended June 30, 2015 and 2014 are unaudited, but in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The year-end condensed consolidated balance sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-08 “ Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In May 2014, the FASB issued ASU 2014-09 “ Revenue from Contracts with Customers Revenue from Contracts with Customers Revenue Recognition In August 2014, the FASB issued ASU 2014-15 “ Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” In April 2015, the FASB issued ASU 2015-05, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In May 2015, the FASB issued ASU 2015-07, “ Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). Fair Value Measurement” |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3: INVENTORIES The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels. Inventories, at stated LIFO value, were classified at June 30, 2015 and December 31, 2014 as follows: June 30, December 31, 2015 2014 (In millions) In process and finished products $ 655.1 $ 738.9 If current cost had been used to value inventories, such inventories would have been $74 million and $25 million lower than reported at June 30, 2015 and December 31, 2014, respectively. Approximately 90% of inventories are accounted for under the LIFO method at June 30, 2015 and December 31, 2014. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-average cost and the specific cost methods. Substantially all of our inventories consist of finished products. The Company has consignment inventory at certain customer locations, which totaled $10.8 million and $10.0 million at June 30, 2015 and December 31, 2014, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $101.3 million at June 30, 2015. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2014 and it was determined that no impairment existed. Other intangible assets with finite useful lives continue to be amortized over their useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 5: ACQUISITIONS Fay Industries On December 31, 2014, the Company acquired all of the issued and outstanding capital stock of Fay Industries, Inc. and the membership interests of Fay Group, Ltd. (collectively, “Fay”). Fay is a distributor of long products, predominantly processed bars, and is based in Strongsville, Ohio. The acquisition is not material to our consolidated financial statements. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 6: LONG-TERM DEBT Long-term debt consisted of the following at June 30, 2015 and December 31, 2014: June 30, December 31, 2015 2014 (In millions) Ryerson Secured Credit Facility $ 366.5 $ 435.0 9% Senior Secured Notes due 2017 583.2 600.0 11 1 4 172.2 200.5 Foreign debt 23.1 23.6 Total debt 1,145.0 1,259.1 Less: Short-term credit facility borrowings 1.9 43.0 Short-term foreign debt 23.1 23.6 Total long-term debt $ 1,120.0 $ 1,192.5 Ryerson Credit Facility On April 3, 2013, Ryerson amended and restated its $1.35 billion revolving credit facility agreement (as amended and restated, the “Ryerson Credit Facility”), to, among other things, extend the maturity date to the earlier of (a) April 3, 2018 or (b) August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 (“2017 Notes”)), if the 2017 Notes are then outstanding. At June 30, 2015, the Company had $366.5 million of outstanding borrowings, $19 million of letters of credit issued and $193 million available under the $1.35 billion Ryerson Credit Facility compared to $435.0 million of outstanding borrowings, $20 million of letters of credit issued and $245 million available at December 31, 2014. Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as the Company is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendition of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.3 percent and 2.0 percent at June 30, 2015 and December 31, 2014, respectively. The total $1.35 billion revolving credit facility has an allocation of $1.215 billion to the Company’s subsidiaries in the United States and an allocation of $135 million to Ryerson Canada. Amounts outstanding under the U.S. facility bear interest at a rate determined by reference to the base rate (Bank of America’s prime rate) or a LIBOR rate or, for the Canadian facility a rate determined by reference to the Canadian base rate (Bank of America-Canada Branch’s “Base Rate” for loans in U.S. Dollars in Canada) or the BA rate (average annual rate applicable to Canadian Dollar bankers’ acceptances) or a LIBOR rate and the Canadian prime rate (Bank of America-Canada Branch’s “Prime Rate.”). The spread over the base rate and Canadian prime rate is between 0.50% and 1.00% and the spread over the LIBOR and for the bankers’ acceptances is between 1.50% and 2.00%, depending on the amount available to be borrowed. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. The Company also pays commitment fees on amounts not borrowed at a rate between 0.25% and 0.375% depending on the average borrowings as a percentage of the total $1.35 billion agreement during a rolling three month period. Borrowings under the Ryerson Credit Facility are secured by (i) in the case of the U.S. facility, first-priority liens on all of the inventory, accounts receivable, lockbox accounts (excluding any proceeds therein of collateral securing the 2017 Notes on a first priority lien basis) and related U.S. assets of JT Ryerson, the other U.S. subsidiary borrowers and certain other U.S. subsidiaries of the Company that act as guarantors, and (ii) in the case of the Canadian facility, the assets securing the U.S. facility and also first priority liens on all of the inventory, accounts receivable, lockbox accounts and related assets of Ryerson’s Canadian subsidiary borrower and its Canadian subsidiaries that act as guarantors thereof. The Ryerson Credit Facility contains covenants that, among other things, restrict the Company and its subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets and acquisitions. The Ryerson Credit Facility also requires that, if availability under such facility falls below a certain level, the Company maintain a minimum fixed charge coverage ratio as of the end of each calendar month. The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments and the occurrence of a change of control of the Company. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors. The lenders under the Ryerson Credit Facility have the ability to reject a borrowing request if any event, circumstance or development has occurred that has had or could reasonably be expected to have a material adverse effect on the Company. If JT Ryerson or any significant subsidiaries of the other borrowers becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months. 2017 and 2018 Notes On October 10, 2012, JT Ryerson issued $600 million in aggregate principal amount of the 2017 Notes and $300 million in aggregate principal amount of the 2018 Notes (together with the 2017 Notes, the “2017 and 2018 Notes”). The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility. The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, JT Ryerson may only pay dividends to Ryerson to the extent of 50% of future net income, once prior losses are offset. The 2017 Notes became redeemable by the Company, in whole or in part on April 15, 2015 (the “2017 Redemption Date”) and the 2018 Notes will become redeemable, in whole or in part, at any time on or after October 15, 2015 (the “2018 Redemption Date”), in each case at specified redemption prices. The 2018 Notes are redeemable prior to such date at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest, if any, to the redemption date, plus a make-whole premium. Additionally, we may redeem up to 35% of the 2018 Notes prior to the 2018 Redemption Date with net cash proceeds from certain equity offerings at a price equal to 111.25% of the principal amount thereof, plus any accrued and unpaid interest. On August 13, 2014, Ryerson completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. Net proceeds from the offering were used to redeem $99.5 million in aggregate principal amount of the 2018 Notes and pay redemption premiums of $11.2 million, which were recorded within other income and (expense), net. If a change of control occurs, JT Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest. As of June 30, 2015, $583.2 million and $172.2 million of the original outstanding principal amount of the 2017 and 2018 Notes remain outstanding, respectively. The Company has repurchased and in the future may repurchase 2017 and 2018 Notes in the open market. During the first six months of 2015, a principal amount of $16.8 million of the 2017 Notes were repurchased for $17.0 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the consolidated statement of comprehensive income. During the first six months of 2015, a principal amount of $28.3 million of the 2018 Notes were repurchased for $28.8 million and retired, resulting in the recognition of a $0.5 million loss within other income and (expense), net on the consolidated statement of comprehensive income. Foreign Debt At June 30, 2015, Ryerson China’s total foreign borrowings were $23.0 million, which were owed to banks in Asia at a weighted average interest rate of 3.9% and secured by inventory and property, plant and equipment. At December 31, 2014, Ryerson China’s total foreign borrowings were $23.6 million, which were owed to banks in Asia at a weighted average interest rate of 4.4% and secured by inventory and property, plant and equipment. At June 30, 2015, Açofran’s total foreign borrowings were $0.1 million, which were owed to foreign banks at a weighted average interest rate of 3.8%. At December 31, 2014, Açofran had no foreign borrowings. Availability under the foreign credit lines was $22 million and $12 million at June 30, 2015 and December 31, 2014, respectively. Letters of credit issued by our foreign subsidiaries totaled $2 million at June 30, 2015 and December 31, 2014. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | NOTE 7: EMPLOYEE BENEFITS The following table summarizes the components of net periodic benefit cost for the three and six month periods ended June 30, 2015 and 2014 for the Ryerson pension plans and postretirement benefits other than pension: Three Months Ended June 30, Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Components of net periodic benefit cost Service cost $ — $ 1 $ — $ — Interest cost 10 9 1 1 Expected return on assets (12 ) (12 ) — — Recognized actuarial net (gain) loss 4 2 (2 ) (2 ) Net periodic benefit cost (credit) $ 2 $ — $ (1 ) $ (1 ) Six Months Ended June 30, Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Components of net periodic benefit cost Service cost $ 1 $ 1 $ — $ — Interest cost 19 19 2 2 Expected return on assets (24 ) (24 ) — — Prior service credit — — (1 ) — Recognized actuarial net (gain) loss 7 5 (4 ) (4 ) Net periodic benefit cost (credit) $ 3 $ 1 $ (3 ) $ (2 ) Contributions The Company has contributed $23 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8: COMMITMENTS AND CONTINGENCIES From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. In October 2011, the United States Environmental Protection Agency named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). We do not currently have sufficient information available to us to determine the total cost of any required investigation or remediation of the Portland Harbor site and therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. There are various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at June 30, 2015 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Investments All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | NOTE 9: DERIVATIVES AND FAIR VALUE MEASUREMENTS Derivatives The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts periodically to reduce volatility in the price of metals. We may also enter into natural gas and diesel fuel price swaps to manage the price risk of forecasted purchases of natural gas and diesel fuel. The Company currently does not account for its derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014: Asset Derivatives Liability Derivatives June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Balance Balance Balance Balance Sheet Fair Sheet Fair Sheet Fair Sheet Fair Location Value Location Value Location Value Location Value (In millions) Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts Prepaid and other current assets $ 0.1 Prepaid and other current assets — Other accrued liabilities — Other accrued liabilities — Commodity contracts Prepaid and other current assets — Prepaid and other current assets $ 0.1 Other accrued liabilities $ 5.4 Other accrued liabilities $ 1.3 Total derivatives $ 0.1 $ 0.1 $ 5.4 $ 1.3 As of June 30, 2015 and December 31, 2014, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $4.8 million and $3.2 million The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2015 and 2014: Derivatives Location of Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Derivatives hedging instruments under Recognized in Income on Three Months Ended June 30, Six Months Ended June 30, ASC 815 Derivatives 2015 2014 2015 2014 (In millions) Metal commodity contracts Cost of materials sold $ (3.5 ) $ 0.2 $ (7.4 ) $ 0.4 Diesel fuel hedges Warehousing, delivery, selling, general and administrative 0.1 — 0.1 — Foreign exchange contracts Other income and (expense), net (0.1 ) — — — Total $ (3.5 ) $ 0.2 $ (7.3 ) $ 0.4 Fair Value Measurements To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: 1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2015: At June 30, 2015 Level 1 Level 2 Level 3 (In millions) Assets Cash equivalents: Commercial paper $ 16.7 $ — $ — Prepaid and other current assets: Common stock—available-for-sale investment $ 8.6 $ — $ — Mark-to-market derivatives: Foreign exchange contracts $ — $ 0.1 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 5.4 $ — The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2014: At December 31, 2014 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 11.2 $ — $ — Mark-to-market derivatives: Commodity contracts $ — $ 0.1 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 1.3 $ — The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of hot roll coil and aluminum derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the New York Mercantile Exchange and the London Metals Exchange, respectively, for the commodity on the valuation date. The Company has various commodity derivatives to lock in diesel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price of the Platts Index for Gulf Coast Ultra Low Sulfur Diesel on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each contract term varies in the number of months, but on average is between 3 to 12 months in length. The carrying and estimated fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 were as follows: At June 30, 2015 At December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 66.0 $ 66.0 $ 60.0 $ 60.0 Restricted cash 1.7 1.7 2.0 2.0 Receivables less provision for allowances, claims and doubtful accounts 390.8 390.8 400.8 400.8 Accounts payable 243.6 243.6 220.8 220.8 Long-term debt, including current portion 1,145.0 1,145.2 1,259.1 1,288.7 The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company’s long-term debt and the current portions thereof is determined by using quoted market prices of Company debt securities (Level 2 inputs). Assets Held for Sale The Company had $2.8 million and $2.5 million of assets held for sale, classified within “prepaid expenses and other current assets,” as of June 30, 2015 and December 31, 2014, respectively. The Company recorded a net impairment charge of $0.9 million and zero in the six months ended June 30, 2015 and 2014, respectively, related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with ASC 360-10-35-43, “ Property, Plant and Equipment – Other Presentation Matters The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at June 30, 2015: June 30, 2015 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 2.8 $ — The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at December 31, 2014: At December 31, 2014 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 2.5 $ — Available-For-Sale Investments The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its market value at the end of the period in which it is determined that an other-than-temporary decline has occurred. The investment was in a gross unrealized loss position for twelve months as of March 31, 2015. Based on the duration and severity of our unrealized loss, management determined that an other-than-temporary impairment occurred and thus recognized a $12.3 million impairment charge within other income and (expense), net in the first quarter of 2015. As of June 30, 2015, the investment is in an unrealized gain position from its adjusted cost basis. Realized gains and losses are recorded within the statement of operations upon sale of the security and are based on specific identification. The Company’s available-for-sale securities as of June 30, 2015 can be summarized as follows: At June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 5.1 $ 3.5 $ — $ 8.6 The Company’s available-for-sale securities as of December 31, 2014 can be summarized as follows: At December 31, 2014 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 17.4 $ — $ (6.2 ) $ 11.2 There is no maturity date for these investments and there have been no sales during the six months ended June 30, 2015. |
Stockholders' Equity (Deficit),
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | NOTE 10: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME AND REDEEMABLE NONCONTROLLING INTEREST The following table details changes in these accounts: Ryerson Holding Corporation Stockholders Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Accumulated Deficit Foreign Currency Translation Benefit Plan Liabilities Changes in Available-For-Sale Investments Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2015 32,250 $ 0.3 213 $ (6.6 ) $ 302.0 $ (132.8 ) $ (32.8 ) $ (255.8 ) $ (2.8 ) $ 1.6 $ (126.9 ) $ 1.0 Net income (loss) — — — — — 13.3 — — — (0.3 ) 13.0 (0.2 ) Foreign currency translation — — — — — — (5.2 ) — — — (5.2 ) (0.1 ) Loss on intra-entity foreign currency transactions — — — — — — (3.7 ) — — — (3.7 ) — Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.6 — — — — — — — 1.3 — — 1.3 — Unrealized loss on available-for-sale investment, net of tax of $0.8 — — — — — — — — (1.7 ) — (1.7 ) — Other-than-temporary impairment, net of tax of $4.7 — — — — — — — — 7.6 — 7.6 — Balance at June 30, 2015 32,250 $ 0.3 213 $ (6.6 ) $ 302.0 $ (119.5 ) $ (41.7 ) $ (254.5 ) $ 3.1 $ 1.3 $ (115.6 ) $ 0.7 The following table details the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2015: Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign Currency Translation Benefit Plan Liabilities Unrealized Gain on Available- For-Sale Investments (In millions) Balance at January 1, 2015 $ (32.8 ) $ (255.8 ) $ (2.8 ) Other comprehensive income (loss) before reclassifications (8.9 ) — (1.7 ) Amounts reclassified from accumulated other comprehensive income — 1.3 7.6 Net current-period other comprehensive income (loss) (8.9 ) 1.3 5.9 Balance at June 30, 2015 $ (41.7 ) $ (254.5 ) $ 3.1 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2015: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Affected line item in the Condensed Details about Accumulated Other June 30, 2015 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Other-than-temporary impairment Other-than-temporary impairment charge $ — $ 12.3 Other income and (expense) net Tax benefit — (4.7 ) Net of tax $ — $ 7.6 Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial loss $ 1.6 $ 3.1 Warehousing, delivery, selling, general and administrative Prior service credits (0.6 ) (1.2 ) Warehousing, delivery, selling, general and administrative Total before tax 1.0 1.9 Tax provision 0.3 0.6 Net of tax $ 0.7 $ 1.3 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2014: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Affected line item in the Condensed Details about Accumulated Other June 30, 2014 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 0.6 $ 1.2 Warehousing, delivery, selling, general and administrative Prior service credits (0.3 ) (0.7 ) Warehousing, delivery, selling, general and administrative Total before tax 0.3 0.5 Tax provision 0.1 0.1 Net of tax $ 0.2 $ 0.4 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 11: RELATED PARTIES JT Ryerson, one of our subsidiaries, was party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provided JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering of Ryerson common stock, which occurred on August 13, 2014. As consideration for terminating the advisory fee services agreement, Platinum Advisors and its affiliates were paid $15.0 million in August 2014, with an additional $10.0 million that will be paid in August 2015. The total advisory fee, including the termination fee, recorded in the first six months of 2015 and 2014 was zero and $2.5 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12: INCOME TAXES For the three months ended June 30, 2015, the Company recorded income tax expense from operations of $10.2 million compared to $2.5 million in the prior year. The $10.2 million tax expense in the second quarter of 2015 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses. For the six months ended June 30, 2015, the Company recorded income tax expense of $10.0 million compared to $5.6 million in the prior year. The $10.0 In accordance with FASB ASC 740, “ Income Taxes |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 13: EARNINGS PER SHARE On July 16, 2007, Ryerson was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. On August 13, 2014, Ryerson completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. All shares outstanding are common shares and have equal voting, liquidation and preference rights. Basic earnings per share attributable to Ryerson’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted EPS attributable to Ryerson’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. Ryerson does not have any securities or other items that are convertible into common shares, therefore basic and fully diluted EPS are the same. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, Basic and diluted earnings per share 2015 2014 2015 2014 (In millions, except per share data) Net income available to common stockholders $ 15.8 $ 2.6 $ 13.3 $ 4.2 Average shares of common stock outstanding 32.0 21.0 32.0 21.0 Basic and diluted earnings per share $ 0.49 $ 0.13 $ 0.41 $ 0.20 |
Condensed Consolidating Guarant
Condensed Consolidating Guarantor Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Guarantor Financial Statements | NOTE 14: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS On October 10, 2012, JT Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility. On December 30, 2014, Ryerson entered into agreements with JT Ryerson, as issuer, Wells Fargo Bank, as trustee, and each of the guarantors of the 2017 and 2018 Notes, whereby Ryerson provided unconditional guarantees of the 2017 and 2018 Notes, jointly and severally with the other guarantors of the 2017 and 2018 Notes. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson and the guarantees are joint and several. JT Ryerson may only pay dividends to Ryerson to the extent of 50% of future net income, once prior losses are offset. Presented below is the condensed consolidating financial information of Ryerson and its subsidiaries as of June 30, 2015 and 2014 and for the three month and six month periods ended June 30, 2015 and 2014. RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 708.9 $ 562.1 $ 106.9 $ (537.5 ) $ 840.4 Cost of materials sold — 571.1 549.6 91.4 (537.5 ) 674.6 Gross profit — 137.8 12.5 15.5 — 165.8 Warehousing, delivery, selling, general and administrative 0.1 89.6 8.0 16.5 — 114.2 Impairment charges on fixed assets — 0.1 — 1.3 — 1.4 Operating profit (loss) (0.1 ) 48.1 4.5 (2.3 ) — 50.2 Other income and (expense), net — (0.1 ) (0.1 ) (0.4 ) — (0.6 ) Interest and other expense on debt — (23.2 ) — (0.6 ) — (23.8 ) Intercompany transactions: Interest expense on intercompany loans — (1.4 ) (1.0 ) 2.4 — Interest income on intercompany loans — 2.4 — (2.4 ) — Income (loss) before income taxes (0.1 ) 23.4 6.8 (4.3 ) — 25.8 Provision (benefit) for income taxes (0.1 ) 2.7 7.9 (0.3 ) — 10.2 Equity in (earnings) loss of subsidiaries (15.8 ) 4.9 3.8 — 7.1 — Net income (loss) 15.8 15.8 (4.9 ) (4.0 ) (7.1 ) 15.6 Less: Net loss attributable to noncontrolling interest — — — (0.2 ) — (0.2 ) Net income (loss) attributable to Ryerson Holding Corporation $ 15.8 $ 15.8 $ (4.9 ) $ (3.8 ) $ (7.1 ) $ 15.8 Comprehensive income (loss) $ 20.4 $ 20.5 $ (2.7 ) $ (2.8 ) $ (15.3 ) $ 20.1 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.3 ) — (0.3 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 20.4 $ 20.5 $ (2.7 ) $ (2.5 ) $ (15.3 ) $ 20.4 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 793.0 $ 669.8 $ 116.8 $ (648.1 ) $ 931.5 Cost of materials sold — 670.3 656.8 98.1 (648.1 ) 777.1 Gross profit — 122.7 13.0 18.7 — 154.4 Warehousing, delivery, selling, general and administrative — 97.4 6.0 16.8 — 120.2 Operating profit — 25.3 7.0 1.9 — 34.2 Other income and (expense), net — 0.1 — (1.8 ) — (1.7 ) Interest and other expense on debt — (26.7 ) — (0.8 ) — (27.5 ) Intercompany transactions: Interest expense on intercompany loans — (1.6 ) — — 1.6 — Interest income on intercompany loans — — 1.6 — (1.6 ) — Income (loss) before income taxes — (2.9 ) 8.6 (0.7 ) — 5.0 Provision (benefit) for income taxes 0.4 (1.4 ) 3.2 0.3 — 2.5 Equity in (earnings) loss of subsidiaries (3.0 ) (4.5 ) 0.9 — 6.6 — Net income (loss) 2.6 3.0 4.5 (1.0 ) (6.6 ) 2.5 Less: Net loss attributable to noncontrolling interest — — — (0.1 ) — (0.1 ) Net income (loss) attributable to Ryerson Holding Corporation $ 2.6 $ 3.0 $ 4.5 $ (0.9 ) $ (6.6 ) $ 2.6 Comprehensive income $ 6.0 $ 6.5 $ 1.3 $ 5.8 $ (13.7 ) $ 5.9 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.1 ) — (0.1 ) Comprehensive income attributable to Ryerson Holding Corporation $ 6.0 $ 6.5 $ 1.3 $ 5.9 $ (13.7 ) $ 6.0 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 1,447.0 $ 1,093.5 $ 209.1 $ (1,041.2 ) $ 1,708.4 Cost of materials sold — 1,186.6 1,068.1 179.1 (1,041.2 ) 1,392.6 Gross profit — 260.4 25.4 30.0 — 315.8 Warehousing, delivery, selling, general and administrative 0.2 183.4 15.7 31.3 — 230.6 Impairment charges on fixed assets — 0.1 — 1.3 — 1.4 Operating profit (loss) (0.2 ) 76.9 9.7 (2.6 ) — 83.8 Other income and (expense), net — (0.6 ) (12.4 ) 1.1 — (11.9 ) Interest and other expense on debt — (47.7 ) — (1.4 ) — (49.1 ) Intercompany transactions: Interest expense on intercompany loans — (2.3 ) — (2.0 ) 4.3 — Interest income on intercompany loans — — 4.3 — (4.3 ) — Income (loss) before income taxes (0.2 ) 26.3 1.6 (4.9 ) — 22.8 Provision (benefit) for income taxes (0.1 ) 4.9 4.8 0.4 — 10.0 Equity in (earnings) loss of subsidiaries (13.4 ) 8.0 4.6 — 0.8 — Net income (loss) 13.3 13.4 (7.8 ) (5.3 ) (0.8 ) 12.8 Less: Net loss attributable to noncontrolling interest — — — (0.5 ) — (0.5 ) Net income (loss) attributable to Ryerson Holding Corporation $ 13.3 $ 13.4 $ (7.8 ) $ (4.8 ) $ (0.8 ) $ 13.3 Comprehensive income (loss) $ 11.6 $ 11.7 $ (1.8 ) $ (10.2 ) $ (0.3 ) $ 11.0 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.6 ) — (0.6 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 11.6 $ 11.7 $ (1.8 ) $ (9.6 ) $ (0.3 ) $ 11.6 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 1,535.8 $ 1,238.4 $ 228.7 $ (1,197.0 ) $ 1,805.9 Cost of materials sold — 1,295.1 1,213.5 192.2 (1,197.0 ) 1,503.8 Gross profit — 240.7 24.9 36.5 — 302.1 Warehousing, delivery, selling, general and administrative — 191.3 12.1 34.6 — 238.0 Operating profit — 49.4 12.8 1.9 — 64.1 Other income and (expense), net — 0.1 — 0.2 — 0.3 Interest and other expense on debt — (53.5 ) — (1.4 ) — (54.9 ) Intercompany transactions: Interest expense on intercompany loans — (3.4 ) — — 3.4 — Interest income on intercompany loans — — 3.4 — (3.4 ) — Income (loss) before income taxes — (7.4 ) 16.2 0.7 — 9.5 Provision (benefit) for income taxes — (3.4 ) 7.2 1.8 — 5.6 Equity in (earnings) loss of subsidiaries (4.2 ) (8.2 ) 0.8 — 11.6 — Net income (loss) 4.2 4.2 8.2 (1.1 ) (11.6 ) 3.9 Less: Net loss attributable to noncontrolling interest — — — (0.3 ) — (0.3 ) Net income (loss) attributable to Ryerson Holding Corporation $ 4.2 $ 4.2 $ 8.2 $ (0.8 ) $ (11.6 ) $ 4.2 Comprehensive income (loss) $ 0.6 $ 0.6 $ 4.9 $ (1.3 ) $ (4.5 ) $ 0.3 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.3 ) — (0.3 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 0.6 $ 0.6 $ 4.9 $ (1.0 ) $ (4.5 ) $ 0.6 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income (loss) $ 13.3 $ 13.4 $ (7.8 ) $ (5.3 ) $ (0.8 ) $ 12.8 Non-cash expenses (0.1 ) 24.7 19.1 5.0 — 48.7 Equity in (earnings) loss of subsidiaries (13.4 ) 8.0 4.6 — 0.8 — Changes in working capital 0.1 76.6 18.0 6.7 — 101.4 Net adjustments (13.4 ) 109.3 41.7 11.7 0.8 150.1 Net cash provided by (used in) operating activities (0.1 ) 122.7 33.9 6.4 — 162.9 INVESTING ACTIVITIES: Capital expenditures — (11.0 ) (0.5 ) (1.2 ) — (12.7 ) Loan repayment from related companies — — (6.2 ) — 6.2 — Other investing activities — 2.5 (0.1 ) — 0.3 2.7 Net cash used in investing activities — (8.5 ) (6.8 ) (1.2 ) 6.5 (10.0 ) FINANCING ACTIVITIES: Long-term debt retired — (45.8 ) — — — (45.8 ) Net proceeds of short-term borrowings — 6.2 — — (6.2 ) — Repayment of intercompany borrowings — (68.6 ) — (0.4 ) — (69.0 ) Net decrease in book overdrafts — (2.8 ) (26.7 ) — — (29.5 ) Other financing activities — (0.7 ) 0.2 0.1 (0.3 ) (0.7 ) Net cash used in financing activities — (111.7 ) (26.5 ) (0.3 ) (6.5 ) (145.0 ) Net increase (decrease) in cash and cash equivalents (0.1 ) 2.5 0.6 4.9 — 7.9 Effect of exchange rates — — 0.1 (2.0 ) — (1.9 ) Net change in cash and cash equivalents (0.1 ) 2.5 0.7 2.9 — 6.0 Beginning cash and cash equivalents 11.1 4.6 0.7 43.6 — 60.0 Ending cash and cash equivalents $ 11.0 $ 7.1 $ 1.4 $ 46.5 $ — $ 66.0 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income (loss) $ 4.2 $ 4.2 $ 8.2 $ (1.1 ) $ (11.6 ) $ 3.9 Non-cash expenses (0.1 ) 17.3 8.7 2.8 1.5 30.2 Equity in (earnings) loss of subsidiaries (4.2 ) (8.2 ) 0.8 — 11.6 — Changes in working capital 0.1 12.3 (22.3 ) (13.2 ) (1.5 ) (24.6 ) Net adjustments (4.2 ) 21.4 (12.8 ) (10.4 ) 11.6 5.6 Net cash provided by (used in) operating activities — 25.6 (4.6 ) (11.5 ) — 9.5 INVESTING ACTIVITIES: Capital expenditures — (7.3 ) (0.3 ) (0.6 ) — (8.2 ) Loan to related companies — — (24.2 ) — 24.2 — Other investing activities — 0.9 — 0.1 0.1 1.1 Net cash used in investing activities — (6.4 ) (24.5 ) (0.5 ) 24.3 (7.1 ) FINANCING ACTIVITIES: Net proceeds/(repayments) of short-term borrowings — (44.1 ) — 4.1 — (40.0 ) Proceeds from intercompany borrowings — 24.2 — — (24.2 ) — Net increase in book overdrafts — 2.4 45.1 — — 47.5 Other financing activities — (0.5 ) — 0.1 (0.1 ) (0.5 ) Net cash provided by (used in) financing activities — (18.0 ) 45.1 4.2 (24.3 ) 7.0 Net increase (decrease) in cash and cash equivalents — 1.2 16.0 (7.8 ) — 9.4 Effect of exchange rates — — — (0.9 ) — (0.9 ) Net change in cash and cash equivalents — 1.2 16.0 (8.7 ) — 8.5 Beginning cash and cash equivalents 0.4 7.8 2.4 63.8 — 74.4 Ending cash and cash equivalents $ 0.4 $ 9.0 $ 18.4 $ 55.1 $ — $ 82.9 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 11.0 $ 7.1 $ 1.4 $ 46.5 $ — $ 66.0 Receivables less provision for allowances, claims and doubtful accounts — 297.1 12.5 81.2 — 390.8 Inventories — 561.9 27.0 66.2 — 655.1 Intercompany receivable 11.2 — 190.4 — (201.6 ) — Other current assets 0.2 18.4 13.1 14.9 (4.9 ) 41.7 Total current assets 22.4 884.5 244.4 208.8 (206.5 ) 1,153.6 Investments in subsidiaries — 462.5 286.4 — (748.9 ) — Intercompany notes receivable — — 227.5 — (227.5 ) — Property, plant and equipment net of accumulated depreciation — 368.4 8.3 38.7 — 415.4 Deferred income taxes 39.3 93.3 — 2.4 (16.0 ) 119.0 Other intangibles — 7.1 39.8 0.7 — 47.6 Goodwill — 66.8 34.9 — (0.4 ) 101.3 Deferred charges and other assets — 16.8 — 1.7 — 18.5 Total assets $ 61.7 $ 1,899.4 $ 841.3 $ 252.3 $ (1,199.3 ) $ 1,855.4 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 10.0 $ 43.6 $ 154.2 $ 35.7 $ 0.1 $ 243.6 Intercompany payable — 176.6 — 25.1 (201.7 ) — Deferred income taxes — 109.1 — — (3.5 ) 105.6 Other current liabilities 0.5 88.0 2.1 33.0 (0.4 ) 123.2 Total current liabilities 10.5 417.3 156.3 93.8 (205.5 ) 472.4 Dividends in excess of investment in subsidiaries 168.2 — — — (168.2 ) — Long-term debt — 1,120.0 — — — 1,120.0 Long-term debt – intercompany — 179.4 — 48.1 (227.5 ) — Deferred employee benefits — 330.7 — 22.8 — 353.5 Other noncurrent liabilities — 20.2 17.7 3.9 (17.4 ) 24.4 Total liabilities 178.7 2,067.6 174.0 168.6 (618.6 ) 1,970.3 Redeemable noncontrolling interest — — — 0.7 — 0.7 Ryerson Holding Corporation stockholders’ equity (117.0 ) (168.2 ) 667.3 81.7 (580.7 ) (116.9 ) Noncontrolling interest — — — 1.3 — 1.3 Total liabilities and equity $ 61.7 $ 1,899.4 $ 841.3 $ 252.3 $ (1,199.3 ) $ 1,855.4 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 11.1 $ 4.6 $ 0.7 $ 43.6 $ — $ 60.0 Receivables less provision for allowances, claims and doubtful accounts — 303.3 14.0 83.5 — 400.8 Inventories — 633.5 32.0 73.4 — 738.9 Intercompany receivable 11.4 — 157.3 — (168.7 ) — Other current assets 0.2 12.5 14.4 17.4 (2.8 ) 41.7 Total current assets 22.7 953.9 218.4 217.9 (171.5 ) 1,241.4 Investments in subsidiaries — 469.2 316.5 — (785.7 ) — Intercompany notes receivable — — 221.3 — (221.3 ) — Property, plant and equipment net of accumulated depreciation — 373.2 8.1 44.5 — 425.8 Deferred income taxes 39.2 99.0 — 3.1 (7.2 ) 134.1 Other noncurrent assets — 95.3 77.7 3.0 (0.4 ) 175.6 Total assets $ 61.9 $ 1,990.6 $ 842.0 $ 268.5 $ (1,186.1 ) $ 1,976.9 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 10.0 $ 38.0 $ 137.1 $ 35.4 $ 0.3 $ 220.8 Intercompany payable — 147.3 — 21.6 (168.9 ) — Deferred income taxes — 109.1 — — (2.4 ) 106.7 Other current liabilities 0.5 135.6 1.9 36.2 0.5 174.7 Total current liabilities 10.5 430.0 139.0 93.2 (170.5 ) 502.2 Dividends in excess of investment in subsidiaries 179.9 — — — (179.9 ) — Long-term debt — 1,192.5 — — — 1,192.5 Long-term debt – intercompany — 169.6 — 51.7 (221.3 ) — Deferred employee benefits — 359.5 — 25.7 — 385.2 Other noncurrent liabilities — 18.9 8.4 4.2 (8.6 ) 22.9 Total liabilities 190.4 2,170.5 147.4 174.8 (580.3 ) 2,102.8 Redeemable noncontrolling interest — — — 1.0 — 1.0 Ryerson Holding Corporation stockholders’ equity (128.5 ) (179.9 ) 694.6 91.1 (605.8 ) (128.5 ) Noncontrolling interest — — — 1.6 — 1.6 Total liabilities and equity $ 61.9 $ 1,990.6 $ 842.0 $ 268.5 $ (1,186.1 ) $ 1,976.9 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15 SUBSEQUENT EVENTS On July 24, 2015, the Company entered into a new credit agreement (the “New Credit Facility”) to replace the Ryerson Credit Facility. Among the changes in the credit agreement, the maturity date of the New Credit Facility is the earlier of (i) July 24, 2020 or (ii) 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. Under the new agreement, the total facility size decreased from $1.35 billion to $1.0 billion, the interest rate on outstanding borrowings decreased by 50 basis points and commitment fees on amounts not borrowed were reduced by 12.5 basis points to a rate of 0.25%. As a result of the new agreement, the Company expects to record a charge of approximately $2.9 million in the third quarter of 2015 to write-off issuance costs associated with the prior credit facility. On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN. The acquisition is not material to our consolidated financial statements. |
Financial Statements (Tables)
Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Percentage of Sales by Major Product Lines | The following table shows our percentage of sales by major product lines for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended Six Months Ended June 30, June 30, Product Line 2015 2014 2015 2014 Carbon Steel Flat 24 % 27 % 24 % 27 % Carbon Steel Plate 11 11 11 11 Carbon Steel Long 15 15 16 16 Stainless Steel Flat 17 16 17 16 Stainless Steel Plate 4 4 4 4 Stainless Steel Long 3 3 3 3 Aluminum Flat 17 15 16 14 Aluminum Plate 3 3 3 3 Aluminum Long 4 4 4 4 Other 2 2 2 2 Total 100 % 100 % 100 % 100 % |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at June 30, 2015 and December 31, 2014 as follows: June 30, December 31, 2015 2014 (In millions) In process and finished products $ 655.1 $ 738.9 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at June 30, 2015 and December 31, 2014: June 30, December 31, 2015 2014 (In millions) Ryerson Secured Credit Facility $ 366.5 $ 435.0 9% Senior Secured Notes due 2017 583.2 600.0 11 1 4 172.2 200.5 Foreign debt 23.1 23.6 Total debt 1,145.0 1,259.1 Less: Short-term credit facility borrowings 1.9 43.0 Short-term foreign debt 23.1 23.6 Total long-term debt $ 1,120.0 $ 1,192.5 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost for the three and six month periods ended June 30, 2015 and 2014 for the Ryerson pension plans and postretirement benefits other than pension: Three Months Ended June 30, Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Components of net periodic benefit cost Service cost $ — $ 1 $ — $ — Interest cost 10 9 1 1 Expected return on assets (12 ) (12 ) — — Recognized actuarial net (gain) loss 4 2 (2 ) (2 ) Net periodic benefit cost (credit) $ 2 $ — $ (1 ) $ (1 ) Six Months Ended June 30, Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Components of net periodic benefit cost Service cost $ 1 $ 1 $ — $ — Interest cost 19 19 2 2 Expected return on assets (24 ) (24 ) — — Prior service credit — — (1 ) — Recognized actuarial net (gain) loss 7 5 (4 ) (4 ) Net periodic benefit cost (credit) $ 3 $ 1 $ (3 ) $ (2 ) |
Derivatives and Fair Value Me25
Derivatives and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments All Other Investments [Abstract] | |
Location and Fair Value Amount of Derivative Instruments | The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014: Asset Derivatives Liability Derivatives June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Balance Balance Balance Balance Sheet Fair Sheet Fair Sheet Fair Sheet Fair Location Value Location Value Location Value Location Value (In millions) Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts Prepaid and other current assets $ 0.1 Prepaid and other current assets — Other accrued liabilities — Other accrued liabilities — Commodity contracts Prepaid and other current assets — Prepaid and other current assets $ 0.1 Other accrued liabilities $ 5.4 Other accrued liabilities $ 1.3 Total derivatives $ 0.1 $ 0.1 $ 5.4 $ 1.3 |
Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income | The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2015 and 2014: Derivatives Location of Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Derivatives hedging instruments under Recognized in Income on Three Months Ended June 30, Six Months Ended June 30, ASC 815 Derivatives 2015 2014 2015 2014 (In millions) Metal commodity contracts Cost of materials sold $ (3.5 ) $ 0.2 $ (7.4 ) $ 0.4 Diesel fuel hedges Warehousing, delivery, selling, general and administrative 0.1 — 0.1 — Foreign exchange contracts Other income and (expense), net (0.1 ) — — — Total $ (3.5 ) $ 0.2 $ (7.3 ) $ 0.4 |
Assets and Liabilities Measured and Recorded at Fair Value | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2015: At June 30, 2015 Level 1 Level 2 Level 3 (In millions) Assets Cash equivalents: Commercial paper $ 16.7 $ — $ — Prepaid and other current assets: Common stock—available-for-sale investment $ 8.6 $ — $ — Mark-to-market derivatives: Foreign exchange contracts $ — $ 0.1 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 5.4 $ — The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2014: At December 31, 2014 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 11.2 $ — $ — Mark-to-market derivatives: Commodity contracts $ — $ 0.1 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 1.3 $ — |
Carrying and Estimated Fair Values of Financial Instruments | The carrying and estimated fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 were as follows: At June 30, 2015 At December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 66.0 $ 66.0 $ 60.0 $ 60.0 Restricted cash 1.7 1.7 2.0 2.0 Receivables less provision for allowances, claims and doubtful accounts 390.8 390.8 400.8 400.8 Accounts payable 243.6 243.6 220.8 220.8 Long-term debt, including current portion 1,145.0 1,145.2 1,259.1 1,288.7 |
Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis | The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at June 30, 2015: June 30, 2015 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 2.8 $ — The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at December 31, 2014: At December 31, 2014 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 2.5 $ — |
Available-for-sale Securities | The Company’s available-for-sale securities as of June 30, 2015 can be summarized as follows: At June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 5.1 $ 3.5 $ — $ 8.6 The Company’s available-for-sale securities as of December 31, 2014 can be summarized as follows: At December 31, 2014 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 17.4 $ — $ (6.2 ) $ 11.2 |
Stockholders' Equity (Deficit26
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | The following table details changes in these accounts: Ryerson Holding Corporation Stockholders Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Accumulated Deficit Foreign Currency Translation Benefit Plan Liabilities Changes in Available-For-Sale Investments Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2015 32,250 $ 0.3 213 $ (6.6 ) $ 302.0 $ (132.8 ) $ (32.8 ) $ (255.8 ) $ (2.8 ) $ 1.6 $ (126.9 ) $ 1.0 Net income (loss) — — — — — 13.3 — — — (0.3 ) 13.0 (0.2 ) Foreign currency translation — — — — — — (5.2 ) — — — (5.2 ) (0.1 ) Loss on intra-entity foreign currency transactions — — — — — — (3.7 ) — — — (3.7 ) — Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.6 — — — — — — — 1.3 — — 1.3 — Unrealized loss on available-for-sale investment, net of tax of $0.8 — — — — — — — — (1.7 ) — (1.7 ) — Other-than-temporary impairment, net of tax of $4.7 — — — — — — — — 7.6 — 7.6 — Balance at June 30, 2015 32,250 $ 0.3 213 $ (6.6 ) $ 302.0 $ (119.5 ) $ (41.7 ) $ (254.5 ) $ 3.1 $ 1.3 $ (115.6 ) $ 0.7 |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | The following table details the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2015: Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign Currency Translation Benefit Plan Liabilities Unrealized Gain on Available- For-Sale Investments (In millions) Balance at January 1, 2015 $ (32.8 ) $ (255.8 ) $ (2.8 ) Other comprehensive income (loss) before reclassifications (8.9 ) — (1.7 ) Amounts reclassified from accumulated other comprehensive income — 1.3 7.6 Net current-period other comprehensive income (loss) (8.9 ) 1.3 5.9 Balance at June 30, 2015 $ (41.7 ) $ (254.5 ) $ 3.1 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2015: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Affected line item in the Condensed Details about Accumulated Other June 30, 2015 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Other-than-temporary impairment Other-than-temporary impairment charge $ — $ 12.3 Other income and (expense) net Tax benefit — (4.7 ) Net of tax $ — $ 7.6 Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial loss $ 1.6 $ 3.1 Warehousing, delivery, selling, general and administrative Prior service credits (0.6 ) (1.2 ) Warehousing, delivery, selling, general and administrative Total before tax 1.0 1.9 Tax provision 0.3 0.6 Net of tax $ 0.7 $ 1.3 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2014: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Affected line item in the Condensed Details about Accumulated Other June 30, 2014 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 0.6 $ 1.2 Warehousing, delivery, selling, general and administrative Prior service credits (0.3 ) (0.7 ) Warehousing, delivery, selling, general and administrative Total before tax 0.3 0.5 Tax provision 0.1 0.1 Net of tax $ 0.2 $ 0.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, Basic and diluted earnings per share 2015 2014 2015 2014 (In millions, except per share data) Net income available to common stockholders $ 15.8 $ 2.6 $ 13.3 $ 4.2 Average shares of common stock outstanding 32.0 21.0 32.0 21.0 Basic and diluted earnings per share $ 0.49 $ 0.13 $ 0.41 $ 0.20 |
Condensed Consolidating Guara28
Condensed Consolidating Guarantor Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 708.9 $ 562.1 $ 106.9 $ (537.5 ) $ 840.4 Cost of materials sold — 571.1 549.6 91.4 (537.5 ) 674.6 Gross profit — 137.8 12.5 15.5 — 165.8 Warehousing, delivery, selling, general and administrative 0.1 89.6 8.0 16.5 — 114.2 Impairment charges on fixed assets — 0.1 — 1.3 — 1.4 Operating profit (loss) (0.1 ) 48.1 4.5 (2.3 ) — 50.2 Other income and (expense), net — (0.1 ) (0.1 ) (0.4 ) — (0.6 ) Interest and other expense on debt — (23.2 ) — (0.6 ) — (23.8 ) Intercompany transactions: Interest expense on intercompany loans — (1.4 ) (1.0 ) 2.4 — Interest income on intercompany loans — 2.4 — (2.4 ) — Income (loss) before income taxes (0.1 ) 23.4 6.8 (4.3 ) — 25.8 Provision (benefit) for income taxes (0.1 ) 2.7 7.9 (0.3 ) — 10.2 Equity in (earnings) loss of subsidiaries (15.8 ) 4.9 3.8 — 7.1 — Net income (loss) 15.8 15.8 (4.9 ) (4.0 ) (7.1 ) 15.6 Less: Net loss attributable to noncontrolling interest — — — (0.2 ) — (0.2 ) Net income (loss) attributable to Ryerson Holding Corporation $ 15.8 $ 15.8 $ (4.9 ) $ (3.8 ) $ (7.1 ) $ 15.8 Comprehensive income (loss) $ 20.4 $ 20.5 $ (2.7 ) $ (2.8 ) $ (15.3 ) $ 20.1 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.3 ) — (0.3 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 20.4 $ 20.5 $ (2.7 ) $ (2.5 ) $ (15.3 ) $ 20.4 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 793.0 $ 669.8 $ 116.8 $ (648.1 ) $ 931.5 Cost of materials sold — 670.3 656.8 98.1 (648.1 ) 777.1 Gross profit — 122.7 13.0 18.7 — 154.4 Warehousing, delivery, selling, general and administrative — 97.4 6.0 16.8 — 120.2 Operating profit — 25.3 7.0 1.9 — 34.2 Other income and (expense), net — 0.1 — (1.8 ) — (1.7 ) Interest and other expense on debt — (26.7 ) — (0.8 ) — (27.5 ) Intercompany transactions: Interest expense on intercompany loans — (1.6 ) — — 1.6 — Interest income on intercompany loans — — 1.6 — (1.6 ) — Income (loss) before income taxes — (2.9 ) 8.6 (0.7 ) — 5.0 Provision (benefit) for income taxes 0.4 (1.4 ) 3.2 0.3 — 2.5 Equity in (earnings) loss of subsidiaries (3.0 ) (4.5 ) 0.9 — 6.6 — Net income (loss) 2.6 3.0 4.5 (1.0 ) (6.6 ) 2.5 Less: Net loss attributable to noncontrolling interest — — — (0.1 ) — (0.1 ) Net income (loss) attributable to Ryerson Holding Corporation $ 2.6 $ 3.0 $ 4.5 $ (0.9 ) $ (6.6 ) $ 2.6 Comprehensive income $ 6.0 $ 6.5 $ 1.3 $ 5.8 $ (13.7 ) $ 5.9 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.1 ) — (0.1 ) Comprehensive income attributable to Ryerson Holding Corporation $ 6.0 $ 6.5 $ 1.3 $ 5.9 $ (13.7 ) $ 6.0 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 1,447.0 $ 1,093.5 $ 209.1 $ (1,041.2 ) $ 1,708.4 Cost of materials sold — 1,186.6 1,068.1 179.1 (1,041.2 ) 1,392.6 Gross profit — 260.4 25.4 30.0 — 315.8 Warehousing, delivery, selling, general and administrative 0.2 183.4 15.7 31.3 — 230.6 Impairment charges on fixed assets — 0.1 — 1.3 — 1.4 Operating profit (loss) (0.2 ) 76.9 9.7 (2.6 ) — 83.8 Other income and (expense), net — (0.6 ) (12.4 ) 1.1 — (11.9 ) Interest and other expense on debt — (47.7 ) — (1.4 ) — (49.1 ) Intercompany transactions: Interest expense on intercompany loans — (2.3 ) — (2.0 ) 4.3 — Interest income on intercompany loans — — 4.3 — (4.3 ) — Income (loss) before income taxes (0.2 ) 26.3 1.6 (4.9 ) — 22.8 Provision (benefit) for income taxes (0.1 ) 4.9 4.8 0.4 — 10.0 Equity in (earnings) loss of subsidiaries (13.4 ) 8.0 4.6 — 0.8 — Net income (loss) 13.3 13.4 (7.8 ) (5.3 ) (0.8 ) 12.8 Less: Net loss attributable to noncontrolling interest — — — (0.5 ) — (0.5 ) Net income (loss) attributable to Ryerson Holding Corporation $ 13.3 $ 13.4 $ (7.8 ) $ (4.8 ) $ (0.8 ) $ 13.3 Comprehensive income (loss) $ 11.6 $ 11.7 $ (1.8 ) $ (10.2 ) $ (0.3 ) $ 11.0 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.6 ) — (0.6 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 11.6 $ 11.7 $ (1.8 ) $ (9.6 ) $ (0.3 ) $ 11.6 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 1,535.8 $ 1,238.4 $ 228.7 $ (1,197.0 ) $ 1,805.9 Cost of materials sold — 1,295.1 1,213.5 192.2 (1,197.0 ) 1,503.8 Gross profit — 240.7 24.9 36.5 — 302.1 Warehousing, delivery, selling, general and administrative — 191.3 12.1 34.6 — 238.0 Operating profit — 49.4 12.8 1.9 — 64.1 Other income and (expense), net — 0.1 — 0.2 — 0.3 Interest and other expense on debt — (53.5 ) — (1.4 ) — (54.9 ) Intercompany transactions: Interest expense on intercompany loans — (3.4 ) — — 3.4 — Interest income on intercompany loans — — 3.4 — (3.4 ) — Income (loss) before income taxes — (7.4 ) 16.2 0.7 — 9.5 Provision (benefit) for income taxes — (3.4 ) 7.2 1.8 — 5.6 Equity in (earnings) loss of subsidiaries (4.2 ) (8.2 ) 0.8 — 11.6 — Net income (loss) 4.2 4.2 8.2 (1.1 ) (11.6 ) 3.9 Less: Net loss attributable to noncontrolling interest — — — (0.3 ) — (0.3 ) Net income (loss) attributable to Ryerson Holding Corporation $ 4.2 $ 4.2 $ 8.2 $ (0.8 ) $ (11.6 ) $ 4.2 Comprehensive income (loss) $ 0.6 $ 0.6 $ 4.9 $ (1.3 ) $ (4.5 ) $ 0.3 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.3 ) — (0.3 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 0.6 $ 0.6 $ 4.9 $ (1.0 ) $ (4.5 ) $ 0.6 |
Condensed Consolidating Statement of Cash Flows (Unaudited) | RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income (loss) $ 13.3 $ 13.4 $ (7.8 ) $ (5.3 ) $ (0.8 ) $ 12.8 Non-cash expenses (0.1 ) 24.7 19.1 5.0 — 48.7 Equity in (earnings) loss of subsidiaries (13.4 ) 8.0 4.6 — 0.8 — Changes in working capital 0.1 76.6 18.0 6.7 — 101.4 Net adjustments (13.4 ) 109.3 41.7 11.7 0.8 150.1 Net cash provided by (used in) operating activities (0.1 ) 122.7 33.9 6.4 — 162.9 INVESTING ACTIVITIES: Capital expenditures — (11.0 ) (0.5 ) (1.2 ) — (12.7 ) Loan repayment from related companies — — (6.2 ) — 6.2 — Other investing activities — 2.5 (0.1 ) — 0.3 2.7 Net cash used in investing activities — (8.5 ) (6.8 ) (1.2 ) 6.5 (10.0 ) FINANCING ACTIVITIES: Long-term debt retired — (45.8 ) — — — (45.8 ) Net proceeds of short-term borrowings — 6.2 — — (6.2 ) — Repayment of intercompany borrowings — (68.6 ) — (0.4 ) — (69.0 ) Net decrease in book overdrafts — (2.8 ) (26.7 ) — — (29.5 ) Other financing activities — (0.7 ) 0.2 0.1 (0.3 ) (0.7 ) Net cash used in financing activities — (111.7 ) (26.5 ) (0.3 ) (6.5 ) (145.0 ) Net increase (decrease) in cash and cash equivalents (0.1 ) 2.5 0.6 4.9 — 7.9 Effect of exchange rates — — 0.1 (2.0 ) — (1.9 ) Net change in cash and cash equivalents (0.1 ) 2.5 0.7 2.9 — 6.0 Beginning cash and cash equivalents 11.1 4.6 0.7 43.6 — 60.0 Ending cash and cash equivalents $ 11.0 $ 7.1 $ 1.4 $ 46.5 $ — $ 66.0 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income (loss) $ 4.2 $ 4.2 $ 8.2 $ (1.1 ) $ (11.6 ) $ 3.9 Non-cash expenses (0.1 ) 17.3 8.7 2.8 1.5 30.2 Equity in (earnings) loss of subsidiaries (4.2 ) (8.2 ) 0.8 — 11.6 — Changes in working capital 0.1 12.3 (22.3 ) (13.2 ) (1.5 ) (24.6 ) Net adjustments (4.2 ) 21.4 (12.8 ) (10.4 ) 11.6 5.6 Net cash provided by (used in) operating activities — 25.6 (4.6 ) (11.5 ) — 9.5 INVESTING ACTIVITIES: Capital expenditures — (7.3 ) (0.3 ) (0.6 ) — (8.2 ) Loan to related companies — — (24.2 ) — 24.2 — Other investing activities — 0.9 — 0.1 0.1 1.1 Net cash used in investing activities — (6.4 ) (24.5 ) (0.5 ) 24.3 (7.1 ) FINANCING ACTIVITIES: Net proceeds/(repayments) of short-term borrowings — (44.1 ) — 4.1 — (40.0 ) Proceeds from intercompany borrowings — 24.2 — — (24.2 ) — Net increase in book overdrafts — 2.4 45.1 — — 47.5 Other financing activities — (0.5 ) — 0.1 (0.1 ) (0.5 ) Net cash provided by (used in) financing activities — (18.0 ) 45.1 4.2 (24.3 ) 7.0 Net increase (decrease) in cash and cash equivalents — 1.2 16.0 (7.8 ) — 9.4 Effect of exchange rates — — — (0.9 ) — (0.9 ) Net change in cash and cash equivalents — 1.2 16.0 (8.7 ) — 8.5 Beginning cash and cash equivalents 0.4 7.8 2.4 63.8 — 74.4 Ending cash and cash equivalents $ 0.4 $ 9.0 $ 18.4 $ 55.1 $ — $ 82.9 |
Condensed Consolidating Balance Sheet | RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) JUNE 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 11.0 $ 7.1 $ 1.4 $ 46.5 $ — $ 66.0 Receivables less provision for allowances, claims and doubtful accounts — 297.1 12.5 81.2 — 390.8 Inventories — 561.9 27.0 66.2 — 655.1 Intercompany receivable 11.2 — 190.4 — (201.6 ) — Other current assets 0.2 18.4 13.1 14.9 (4.9 ) 41.7 Total current assets 22.4 884.5 244.4 208.8 (206.5 ) 1,153.6 Investments in subsidiaries — 462.5 286.4 — (748.9 ) — Intercompany notes receivable — — 227.5 — (227.5 ) — Property, plant and equipment net of accumulated depreciation — 368.4 8.3 38.7 — 415.4 Deferred income taxes 39.3 93.3 — 2.4 (16.0 ) 119.0 Other intangibles — 7.1 39.8 0.7 — 47.6 Goodwill — 66.8 34.9 — (0.4 ) 101.3 Deferred charges and other assets — 16.8 — 1.7 — 18.5 Total assets $ 61.7 $ 1,899.4 $ 841.3 $ 252.3 $ (1,199.3 ) $ 1,855.4 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 10.0 $ 43.6 $ 154.2 $ 35.7 $ 0.1 $ 243.6 Intercompany payable — 176.6 — 25.1 (201.7 ) — Deferred income taxes — 109.1 — — (3.5 ) 105.6 Other current liabilities 0.5 88.0 2.1 33.0 (0.4 ) 123.2 Total current liabilities 10.5 417.3 156.3 93.8 (205.5 ) 472.4 Dividends in excess of investment in subsidiaries 168.2 — — — (168.2 ) — Long-term debt — 1,120.0 — — — 1,120.0 Long-term debt – intercompany — 179.4 — 48.1 (227.5 ) — Deferred employee benefits — 330.7 — 22.8 — 353.5 Other noncurrent liabilities — 20.2 17.7 3.9 (17.4 ) 24.4 Total liabilities 178.7 2,067.6 174.0 168.6 (618.6 ) 1,970.3 Redeemable noncontrolling interest — — — 0.7 — 0.7 Ryerson Holding Corporation stockholders’ equity (117.0 ) (168.2 ) 667.3 81.7 (580.7 ) (116.9 ) Noncontrolling interest — — — 1.3 — 1.3 Total liabilities and equity $ 61.7 $ 1,899.4 $ 841.3 $ 252.3 $ (1,199.3 ) $ 1,855.4 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 11.1 $ 4.6 $ 0.7 $ 43.6 $ — $ 60.0 Receivables less provision for allowances, claims and doubtful accounts — 303.3 14.0 83.5 — 400.8 Inventories — 633.5 32.0 73.4 — 738.9 Intercompany receivable 11.4 — 157.3 — (168.7 ) — Other current assets 0.2 12.5 14.4 17.4 (2.8 ) 41.7 Total current assets 22.7 953.9 218.4 217.9 (171.5 ) 1,241.4 Investments in subsidiaries — 469.2 316.5 — (785.7 ) — Intercompany notes receivable — — 221.3 — (221.3 ) — Property, plant and equipment net of accumulated depreciation — 373.2 8.1 44.5 — 425.8 Deferred income taxes 39.2 99.0 — 3.1 (7.2 ) 134.1 Other noncurrent assets — 95.3 77.7 3.0 (0.4 ) 175.6 Total assets $ 61.9 $ 1,990.6 $ 842.0 $ 268.5 $ (1,186.1 ) $ 1,976.9 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 10.0 $ 38.0 $ 137.1 $ 35.4 $ 0.3 $ 220.8 Intercompany payable — 147.3 — 21.6 (168.9 ) — Deferred income taxes — 109.1 — — (2.4 ) 106.7 Other current liabilities 0.5 135.6 1.9 36.2 0.5 174.7 Total current liabilities 10.5 430.0 139.0 93.2 (170.5 ) 502.2 Dividends in excess of investment in subsidiaries 179.9 — — — (179.9 ) — Long-term debt — 1,192.5 — — — 1,192.5 Long-term debt – intercompany — 169.6 — 51.7 (221.3 ) — Deferred employee benefits — 359.5 — 25.7 — 385.2 Other noncurrent liabilities — 18.9 8.4 4.2 (8.6 ) 22.9 Total liabilities 190.4 2,170.5 147.4 174.8 (580.3 ) 2,102.8 Redeemable noncontrolling interest — — — 1.0 — 1.0 Ryerson Holding Corporation stockholders’ equity (128.5 ) (179.9 ) 694.6 91.1 (605.8 ) (128.5 ) Noncontrolling interest — — — 1.6 — 1.6 Total liabilities and equity $ 61.9 $ 1,990.6 $ 842.0 $ 268.5 $ (1,186.1 ) $ 1,976.9 |
Financial Statements - Addition
Financial Statements - Additional Information (Detail) | Aug. 13, 2014USD ($)$ / sharesshares | Jul. 23, 2014 | Jun. 30, 2015USD ($)shares | Aug. 31, 2015USD ($) | Apr. 03, 2013USD ($) | Oct. 10, 2012 |
Summary Of Accounting And Financial Policies [Line Items] | ||||||
Parent company shares owned by affiliates | shares | 21,037,500 | |||||
Parent company percentage owned by affiliates | 66.00% | |||||
Stock split, approval date | Jul. 23, 2014 | |||||
Stock split ratio | 4.25 | |||||
Initial public offering completion date | Aug. 13, 2014 | |||||
Common stock issued | shares | 11,000,000 | |||||
Common stock issued per share | $ / shares | $ 11 | |||||
Net proceeds from offering | $ 112,400,000 | |||||
Termination of advisory fee | 15,000,000 | |||||
Recognized termination fee | $ 25,000,000 | |||||
Initial public offering cost | 11,200,000 | |||||
Line of Credit [Member] | ||||||
Summary Of Accounting And Financial Policies [Line Items] | ||||||
Additional amount to be borrowed | 23,300,000 | |||||
Ryerson Secured Credit Facility [Member] | ||||||
Summary Of Accounting And Financial Policies [Line Items] | ||||||
Amended and restated credit facility agreement | 1,350,000,000 | $ 1,350,000,000 | $ 1,350,000,000 | |||
2018 Notes [Member] | ||||||
Summary Of Accounting And Financial Policies [Line Items] | ||||||
Redemption in principal amount | $ 99,500,000 | |||||
Debt Instrument Percentage | 11.25% | 11.25% | ||||
Acofran Acos e Metais Ltda [Member] | ||||||
Summary Of Accounting And Financial Policies [Line Items] | ||||||
Ownership percentage by parent | 50.00% | |||||
Platinum Advisors | Scenario, Forecast [Member] | ||||||
Summary Of Accounting And Financial Policies [Line Items] | ||||||
Termination of advisory fee | $ 10,000,000 |
Financial Statements - Percenta
Financial Statements - Percentage of Sales by Major Product Line (Detail) - Product Concentration Risk - Sales Revenue Product Line | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 24.00% | 27.00% | 24.00% | 27.00% |
Carbon Steel Plate [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 11.00% | 11.00% | 11.00% | 11.00% |
Carbon Steel Long [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 15.00% | 15.00% | 16.00% | 16.00% |
Stainless Steel Flat [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 17.00% | 16.00% | 17.00% | 16.00% |
Stainless Steel Plate [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 4.00% | 4.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 3.00% | 3.00% | 3.00% | 3.00% |
Aluminum Flat [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 17.00% | 15.00% | 16.00% | 14.00% |
Aluminum Plate [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 3.00% | 3.00% | 3.00% | 3.00% |
Aluminum Long [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 4.00% | 4.00% | 4.00% | 4.00% |
Other [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Recent Accounting Pronounceme31
Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions | Jun. 30, 2015USD ($) |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Capitalized debt issuance costs | $ 13.6 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 655.1 | $ 738.9 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Amount by which current cost used to value inventories is lower than LIFO valued inventories | $ 74 | $ 25 |
Inventories accounted under the LIFO method | 90.00% | 90.00% |
Consignment inventory | $ 10.8 | $ 10 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 101.3 | $ 102.7 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Fay [Member] | 1 Months Ended |
Dec. 31, 2014 | |
Business Acquisition [Line Items] | |
Effective date of acquisition | Dec. 31, 2014 |
Description of business acquisition | On December 31, 2014, the Company acquired all of the issued and outstanding capital stock of Fay Industries, Inc. and the membership interests of Fay Group, Ltd. (collectively, “Fay”). Fay is a distributor of long products, predominantly processed bars, and is based in Strongsville, Ohio. |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 23.1 | $ 23.6 |
Total debt | 1,145 | 1,259.1 |
Short-term foreign debt | 23.1 | 23.6 |
Total long-term debt | 1,120 | 1,192.5 |
2017 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 583.2 | 600 |
2018 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 172.2 | 200.5 |
Ryerson Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Secured Credit Facility | 366.5 | 435 |
Short-term credit facility borrowings | $ 1.9 | $ 43 |
Long-Term Debt - Ryerson Credit
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - Ryerson Secured Credit Facility [Member] - USD ($) | Apr. 03, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Aug. 13, 2014 |
Debt Instrument [Line Items] | ||||
Amended and restated credit facility agreement | $ 1,350,000,000 | $ 1,350,000,000 | $ 1,350,000,000 | |
Outstanding borrowings | 366,500,000 | $ 435,000,000 | ||
Letters of credit | 19,000,000 | 20,000,000 | ||
Available credit facility | $ 193,000,000 | $ 245,000,000 | ||
Weighted average interest rate | 2.30% | 2.00% | ||
Line of credit facility, description of collateral | Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as the Company is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendition of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. | |||
Default bear interest rate | 2.00% | |||
US Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Amended and restated credit facility agreement | $ 1,215,000,000 | |||
Canadian Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Amended and restated credit facility agreement | $ 135,000,000 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fees on amounts not borrowed | 0.25% | |||
Minimum [Member] | Base Rate and Canadian Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 0.50% | |||
Minimum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.50% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fees on amounts not borrowed | 0.375% | |||
Maximum [Member] | Base Rate and Canadian Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.00% | |||
Maximum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 2.00% | |||
Scenario 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility scenario 2 maturity description of ("2017 Notes") | August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 (“2017 Notes”)), if the 2017 Notes are then outstanding. | |||
Credit facility maturity date | Aug. 16, 2017 | |||
Scenario 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility maturity date | Apr. 3, 2018 |
Long-Term Debt - 2017 and 2018
Long-Term Debt - 2017 and 2018 Notes - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | Aug. 13, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Oct. 10, 2012 |
Debt Instrument [Line Items] | ||||
Common stock issued | 11 | |||
Common stock issued per share | $ 11 | |||
Debt instruments senior notes retired | $ 45,800,000 | |||
Loss recognized on debt instrument | $ 700,000 | |||
2017 and 2018 Notes [Member] | Change Of Control Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal amount | 101.00% | |||
2017 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of senior notes issued | $ 600,000,000 | |||
Debt Instrument Percentage | 9.00% | |||
Notes redemption date | Apr. 15, 2015 | |||
Senior Notes | $ 583,200,000 | $ 600,000,000 | ||
Principal amount of debt instrument repurchased | 16,800,000 | |||
Debt instruments senior notes retired | 17,000,000 | |||
Loss recognized on debt instrument | $ 200,000 | |||
2018 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of senior notes issued | $ 300,000,000 | |||
Debt Instrument Percentage | 11.25% | 11.25% | ||
Notes redemption date | Oct. 15, 2015 | |||
Redemption price as a percentage of principal amount | 111.25% | |||
Redemption in principal amount | $ 99,500,000 | |||
Redemption premium | $ 11,200,000 | |||
Senior Notes | $ 172,200,000 | $ 200,500,000 | ||
Principal amount of debt instrument repurchased | 28,300,000 | |||
Debt instruments senior notes retired | 28,800,000 | |||
Loss recognized on debt instrument | $ 500,000 | |||
2017 and 2018 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum percentage of dividend of future net income | 50.00% | |||
Redemption price as a percentage of principal amount | 100.00% | |||
Optional redemption amount prior to redemption date | 35.00% |
Long-Term Debt - Foreign Debt -
Long-Term Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Owed to Banks [Member] | Ryerson China Limited [Member] | ||
Debt Instrument [Line Items] | ||
Short-term foreign debt | $ 23 | $ 23.6 |
Owed to Banks [Member] | Acofran [Member] | ||
Debt Instrument [Line Items] | ||
Short-term foreign debt | 0.1 | 0 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 22 | 12 |
Letters of credit issued by our foreign subsidiaries | $ 2 | $ 2 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China Limited [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.90% | 4.40% |
Foreign Debt [Member] | Owed to Banks [Member] | Acofran [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.80% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1 | $ 1 | $ 1 | |
Interest cost | $ 10 | 9 | 19 | 19 |
Expected return on assets | (12) | (12) | (24) | (24) |
Recognized actuarial net (gain) loss | 4 | 2 | 7 | 5 |
Net periodic benefit cost (credit) | 2 | 3 | 1 | |
Other Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 1 | 1 | 2 | 2 |
Prior service credit | (1) | |||
Recognized actuarial net (gain) loss | (2) | (2) | (4) | (4) |
Net periodic benefit cost (credit) | $ (1) | $ (1) | $ (3) | $ (2) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contribution to the pension plan fund | $ 23 |
Anticipated minimum required pension contribution funding for the remainder of fiscal period | $ 20 |
Derivatives and Fair Value Me42
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 0.1 | $ 0.1 |
Liability Derivatives, Fair Value | 5.4 | 1.3 |
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0.1 | |
Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0.1 | |
Commodity Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 5.4 | $ 1.3 |
Derivatives and Fair Value Me43
Derivatives and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($)Tgal | Jun. 30, 2013USD ($) | Dec. 31, 2014USD ($)Tgal | |
Derivatives Fair Value [Line Items] | ||||
Prepaid expenses and other current assets - assets held for sale | $ 2,800,000 | $ 2,500,000 | ||
Recognized gain on asset held for sale | 900,000 | $ 0 | ||
Other-than-temporary impairment charge on available-for-sale investments | $ 12,300,000 | 12,300,000 | ||
Proceeds from sale of investments | $ 0 | |||
Minimum [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Contract term for exchange contracts | 3 months | |||
Maximum [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Contract term for exchange contracts | 12 months | |||
Diesel Fuel Hedge Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | gal | 767,000 | 624,000 | ||
Foreign Exchange Forward [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional amount of foreign currency exchange contracts | $ 4,800,000 | $ 3,200,000 | ||
Nickel Futures or Option Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 94 | 144 | ||
Hot Roll Steel Coil Option [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 19,680 | 14,700 | ||
Aluminum Price Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 17,604 | 6,366 |
Derivatives and Fair Value Me44
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | $ (3.5) | $ 0.2 | $ (7.3) | $ 0.4 |
Metal Commodity Contracts [Member] | Cost of Materials Sold [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | (3.5) | $ 0.2 | (7.4) | $ 0.4 |
Diesel Fuel Hedges [Member] | Warehousing Delivery Selling General and Administrative [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | 0.1 | $ 0.1 | ||
Foreign Exchange Contracts [Member] | Other Income and (Expense), Net [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | $ (0.1) |
Derivatives and Fair Value Me45
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 66 | $ 60 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mark-to-market derivatives | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mark-to-market derivatives | 0.1 | |
Mark-to-market derivatives | 5.4 | 1.3 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 16.7 | |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Prepaid and other current assets | $ 8.6 | $ 11.2 |
Derivatives and Fair Value Me46
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $ 66 | $ 60 | $ 82.9 | $ 74.4 |
Restricted cash, Carrying Amount | 1.7 | 2 | ||
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount | 390.8 | 400.8 | ||
Accounts payable, Carrying Amount | 243.6 | 220.8 | ||
Long-term debt, including current portion, Carrying Amount | 1,145 | 1,259.1 | ||
Cash and cash equivalents, Fair Value | 66 | 60 | ||
Restricted cash, Fair Value | 1.7 | 2 | ||
Receivables less provision for allowances, claims and doubtful accounts, Fair Value | 390.8 | 400.8 | ||
Accounts payable, Fair Value | 243.6 | 220.8 | ||
Long-term debt, including current portion, Fair Value | $ 1,145.2 | $ 1,288.7 |
Derivatives and Fair Value Me47
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Non Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Prepaid expenses and other current assets - assets held for sale | $ 2.8 | $ 2.5 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Prepaid expenses and other current assets - assets held for sale | $ 2.8 | $ 2.5 |
Derivatives and Fair Value Me48
Derivatives and Fair Value Measurements - Available-for-Sale Securities (Detail) - Common Stock [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 5.1 | $ 17.4 |
Gross Unrealized Gains | 3.5 | |
Gross Unrealized Losses | (6.2) | |
Fair Value | $ 8.6 | $ 11.2 |
Stockholders' Equity (Deficit49
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ (126.9) | |||
Beginning Balance | $ 1 | |||
Beginning Balance Treasury Stock, shares | 212,500 | |||
Net income (loss) | $ 15.8 | $ 2.6 | $ 13.3 | $ 4.2 |
Net income (loss) | 13 | |||
Net income (loss) | (0.2) | $ (0.1) | (0.5) | $ (0.3) |
Foreign currency translation | (5.2) | |||
Loss on intra-entity foreign currency transactions | (3.7) | |||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 1.3 | |||
Unrealized loss on available-for-sale investment, net of tax | (1.7) | |||
Other-than-temporary impairment, net of tax | 7.6 | |||
Ending Balance | (115.6) | (115.6) | ||
Ending Balance | $ 0.7 | $ 0.7 | ||
Ending Balance Treasury Stock, shares | 212,500 | 212,500 | ||
Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 0.3 | |||
Beginning Balance, shares | 32,250,000 | |||
Ending Balance | $ 0.3 | $ 0.3 | ||
Ending Balance, shares | 32,250,000 | 32,250,000 | ||
Treasury Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ (6.6) | |||
Beginning Balance Treasury Stock, shares | 213,000 | |||
Ending Balance | $ (6.6) | $ (6.6) | ||
Ending Balance Treasury Stock, shares | 213,000 | 213,000 | ||
Capital in Excess of Par Value [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 302 | |||
Ending Balance | $ 302 | 302 | ||
Accumulated Deficit [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (132.8) | |||
Net income (loss) | 13.3 | |||
Ending Balance | (119.5) | (119.5) | ||
Foreign Currency Translation [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (32.8) | |||
Foreign currency translation | (5.2) | |||
Loss on intra-entity foreign currency transactions | (3.7) | |||
Ending Balance | (41.7) | (41.7) | ||
Benefit Plan Liabilities [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (255.8) | |||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 1.3 | |||
Ending Balance | (254.5) | (254.5) | ||
Changes in Available- For-Sale Investments [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | (2.8) | |||
Unrealized loss on available-for-sale investment, net of tax | (1.7) | |||
Other-than-temporary impairment, net of tax | 7.6 | |||
Ending Balance | 3.1 | 3.1 | ||
Noncontrolling Interest [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1.6 | |||
Net income (loss) | (0.3) | |||
Ending Balance | 1.3 | 1.3 | ||
Redeemable Non- controlling Interest [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1 | |||
Net income (loss) | (0.2) | |||
Foreign currency translation | (0.1) | |||
Ending Balance | $ 0.7 | $ 0.7 |
Stockholders' Equity (Deficit50
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Changes in defined benefit pension and other post-retirement benefit plans, tax | $ 0.6 |
Unrealized loss on available-for-sale investment, tax | 0.8 |
Other-than-temporary impairment, tax | 4.7 |
Benefit Plan Liabilities [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Changes in defined benefit pension and other post-retirement benefit plans, tax | 0.6 |
Changes in Available- For-Sale Investments [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Unrealized loss on available-for-sale investment, tax | 0.8 |
Other-than-temporary impairment, tax | $ 4.7 |
Stockholders' Equity (Deficit51
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (291.4) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (293.1) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (32.8) |
Other comprehensive income (loss) before reclassifications | (8.9) |
Net current-period other comprehensive income (loss) | (8.9) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (41.7) |
Benefit Plan Liabilities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (255.8) |
Amounts reclassified from accumulated other comprehensive income | 1.3 |
Net current-period other comprehensive income (loss) | 1.3 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (254.5) |
Unrealized Gain on Available- For-Sale Investments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (2.8) |
Other comprehensive income (loss) before reclassifications | (1.7) |
Amounts reclassified from accumulated other comprehensive income | 7.6 |
Net current-period other comprehensive income (loss) | 5.9 |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ 3.1 |
Stockholders' Equity (Deficit52
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Other-than-temporary impairment charge on available-for-sale investments | $ 12.3 | $ 12.3 | |||
Tax benefit | (4.7) | ||||
Net of tax | 7.6 | ||||
Tax provision | 0.6 | ||||
Net of tax | (1.3) | ||||
Benefit Plan Liabilities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Tax provision | 0.6 | ||||
Net of tax | (1.3) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Tax benefit | (4.7) | ||||
Net of tax | 7.6 | ||||
Total before tax | $ 1 | $ 0.3 | 1.9 | $ 0.5 | |
Tax provision | 0.3 | 0.1 | 0.6 | 0.1 | |
Net of tax | 0.7 | 0.2 | 1.3 | 0.4 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Income and (Expense), Net [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Other-than-temporary impairment charge on available-for-sale investments | 12.3 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Benefit Plan Liabilities [Member] | Warehousing Delivery Selling General and Administrative [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Actuarial loss | 1.6 | 0.6 | 3.1 | 1.2 | |
Prior service credits | $ (0.6) | $ (0.3) | $ (1.2) | $ (0.7) |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Aug. 31, 2015 | Aug. 13, 2014 | |
Related Party Transaction [Line Items] | ||||
Termination of advisory fee | $ 15 | |||
Platinum Advisors | ||||
Related Party Transaction [Line Items] | ||||
Termination of advisory fee | $ 15 | |||
Payment of advisory fee recorded | $ 0 | $ 2.5 | ||
Platinum Advisors | Scenario, Forecast [Member] | ||||
Related Party Transaction [Line Items] | ||||
Termination of advisory fee | $ 10 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Provision (benefit) for income taxes | $ 10.2 | $ 2.5 | $ 10 | $ 5.6 | |
Valuation allowance | $ 22.5 | $ 22.5 | $ 22.5 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | Aug. 13, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jul. 16, 2007 |
Earnings Per Share [Abstract] | ||||
Common stock, shares issued | 32,250,000 | 32,250,000 | 21,250,000 | |
Common stock issued | 11,000,000 | |||
Common stock issued per share | $ 11 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 15.8 | $ 2.6 | $ 13.3 | $ 4.2 |
Average shares of common stock outstanding | 32 | 21 | 32 | 21 |
Basic and diluted earnings per share | $ 0.49 | $ 0.13 | $ 0.41 | $ 0.20 |
Condensed Consolidating Guara57
Condensed Consolidating Guarantor Financial Statements - Additional Information (Detail) - Jun. 30, 2015 - 2017 and 2018 Notes [Member] | Total |
Condensed Financial Statements Captions [Line Items] | |
Ownership percentage by parent | 100.00% |
Maximum percentage of dividend of future net income | 50.00% |
Condensed Consolidating Guara58
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Unaudited) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ||||
Net sales | $ 840.4 | $ 931.5 | $ 1,708.4 | $ 1,805.9 |
Cost of materials sold | 674.6 | 777.1 | 1,392.6 | 1,503.8 |
Gross profit | 165.8 | 154.4 | 315.8 | 302.1 |
Warehousing, delivery, selling, general and administrative | 114.2 | 120.2 | 230.6 | 238 |
Impairment charges on fixed assets | 1.4 | 1.4 | ||
Operating profit (loss) | 50.2 | 34.2 | 83.8 | 64.1 |
Other income and (expense), net | (0.6) | (1.7) | (11.9) | 0.3 |
Interest and other expense on debt | (23.8) | (27.5) | (49.1) | (54.9) |
Income before income taxes | 25.8 | 5 | 22.8 | 9.5 |
Provision (benefit) for income taxes | 10.2 | 2.5 | 10 | 5.6 |
Net income | 15.6 | 2.5 | 12.8 | 3.9 |
Less: Net loss attributable to noncontrolling interest | (0.2) | (0.1) | (0.5) | (0.3) |
Net income attributable to Ryerson Holding Corporation | 15.8 | 2.6 | 13.3 | 4.2 |
Comprehensive income | 20.1 | 5.9 | 11 | 0.3 |
Less: Comprehensive loss attributable to noncontrolling interest | (0.3) | (0.1) | (0.6) | (0.3) |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 20.4 | 6 | 11.6 | 0.6 |
Ryerson Holding Corporation [Member] | ||||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ||||
Warehousing, delivery, selling, general and administrative | 0.1 | 0.2 | ||
Operating profit (loss) | (0.1) | (0.2) | ||
Income before income taxes | (0.1) | (0.2) | ||
Provision (benefit) for income taxes | (0.1) | 0.4 | (0.1) | |
Equity in (earnings) loss of subsidiaries | (15.8) | (3) | (13.4) | (4.2) |
Net income | 15.8 | 2.6 | 13.3 | 4.2 |
Net income attributable to Ryerson Holding Corporation | 15.8 | 2.6 | 13.3 | 4.2 |
Comprehensive income | 20.4 | 6 | 11.6 | 0.6 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 20.4 | 6 | 11.6 | 0.6 |
Joseph T. Ryerson [Member] | ||||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ||||
Net sales | 708.9 | 793 | 1,447 | 1,535.8 |
Cost of materials sold | 571.1 | 670.3 | 1,186.6 | 1,295.1 |
Gross profit | 137.8 | 122.7 | 260.4 | 240.7 |
Warehousing, delivery, selling, general and administrative | 89.6 | 97.4 | 183.4 | 191.3 |
Impairment charges on fixed assets | 0.1 | 0.1 | ||
Operating profit (loss) | 48.1 | 25.3 | 76.9 | 49.4 |
Other income and (expense), net | (0.1) | 0.1 | (0.6) | 0.1 |
Interest and other expense on debt | (23.2) | (26.7) | (47.7) | (53.5) |
Interest expense on intercompany loans | (1.4) | (1.6) | (2.3) | (3.4) |
Income before income taxes | 23.4 | (2.9) | 26.3 | (7.4) |
Provision (benefit) for income taxes | 2.7 | (1.4) | 4.9 | (3.4) |
Equity in (earnings) loss of subsidiaries | 4.9 | (4.5) | 8 | (8.2) |
Net income | 15.8 | 3 | 13.4 | 4.2 |
Net income attributable to Ryerson Holding Corporation | 15.8 | 3 | 13.4 | 4.2 |
Comprehensive income | 20.5 | 6.5 | 11.7 | 0.6 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 20.5 | 6.5 | 11.7 | 0.6 |
Guarantor [Member] | ||||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ||||
Net sales | 562.1 | 669.8 | 1,093.5 | 1,238.4 |
Cost of materials sold | 549.6 | 656.8 | 1,068.1 | 1,213.5 |
Gross profit | 12.5 | 13 | 25.4 | 24.9 |
Warehousing, delivery, selling, general and administrative | 8 | 6 | 15.7 | 12.1 |
Operating profit (loss) | 4.5 | 7 | 9.7 | 12.8 |
Other income and (expense), net | (0.1) | (12.4) | ||
Interest income on intercompany loans | 2.4 | 1.6 | 4.3 | 3.4 |
Income before income taxes | 6.8 | 8.6 | 1.6 | 16.2 |
Provision (benefit) for income taxes | 7.9 | 3.2 | 4.8 | 7.2 |
Equity in (earnings) loss of subsidiaries | 3.8 | 0.9 | 4.6 | 0.8 |
Net income | (4.9) | 4.5 | (7.8) | 8.2 |
Net income attributable to Ryerson Holding Corporation | (4.9) | 4.5 | (7.8) | 8.2 |
Comprehensive income | (2.7) | 1.3 | (1.8) | 4.9 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | (2.7) | 1.3 | (1.8) | 4.9 |
Non-guarantor [Member] | ||||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ||||
Net sales | 106.9 | 116.8 | 209.1 | 228.7 |
Cost of materials sold | 91.4 | 98.1 | 179.1 | 192.2 |
Gross profit | 15.5 | 18.7 | 30 | 36.5 |
Warehousing, delivery, selling, general and administrative | 16.5 | 16.8 | 31.3 | 34.6 |
Impairment charges on fixed assets | 1.3 | 1.3 | ||
Operating profit (loss) | (2.3) | 1.9 | (2.6) | 1.9 |
Other income and (expense), net | (0.4) | (1.8) | 1.1 | 0.2 |
Interest and other expense on debt | (0.6) | (0.8) | (1.4) | (1.4) |
Interest expense on intercompany loans | (1) | (2) | ||
Income before income taxes | (4.3) | (0.7) | (4.9) | 0.7 |
Provision (benefit) for income taxes | (0.3) | 0.3 | 0.4 | 1.8 |
Net income | (4) | (1) | (5.3) | (1.1) |
Less: Net loss attributable to noncontrolling interest | (0.2) | (0.1) | (0.5) | (0.3) |
Net income attributable to Ryerson Holding Corporation | (3.8) | (0.9) | (4.8) | (0.8) |
Comprehensive income | (2.8) | 5.8 | (10.2) | (1.3) |
Less: Comprehensive loss attributable to noncontrolling interest | (0.3) | (0.1) | (0.6) | (0.3) |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | (2.5) | 5.9 | (9.6) | (1) |
Eliminations [Member] | ||||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ||||
Net sales | (537.5) | (648.1) | (1,041.2) | (1,197) |
Cost of materials sold | (537.5) | (648.1) | (1,041.2) | (1,197) |
Interest expense on intercompany loans | 2.4 | 1.6 | 4.3 | 3.4 |
Interest income on intercompany loans | (2.4) | (1.6) | (4.3) | (3.4) |
Equity in (earnings) loss of subsidiaries | 7.1 | 6.6 | 0.8 | 11.6 |
Net income | (7.1) | (6.6) | (0.8) | (11.6) |
Net income attributable to Ryerson Holding Corporation | (7.1) | (6.6) | (0.8) | (11.6) |
Comprehensive income | (15.3) | (13.7) | (0.3) | (4.5) |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ (15.3) | $ (13.7) | $ (0.3) | $ (4.5) |
Condensed Consolidating Guara59
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||||
Net income (loss) | $ 15.6 | $ 2.5 | $ 12.8 | $ 3.9 |
Non-cash expenses | 48.7 | 30.2 | ||
Changes in working capital | 101.4 | (24.6) | ||
Net adjustments | 150.1 | 5.6 | ||
Net cash provided by operating activities | 162.9 | 9.5 | ||
Investing activities: | ||||
Capital expenditures | (12.7) | (8.2) | ||
Other investing activities | 2.7 | 1.1 | ||
Net cash used in investing activities | (10) | (7.1) | ||
Financing activities: | ||||
Repayment of debt | (45.8) | |||
Net proceeds/(repayments) of short-term borrowings | (69) | (40) | ||
Repayment of intercompany borrowings | (69) | |||
Net increase (decrease) in book overdrafts | (29.5) | 47.5 | ||
Other financing activities | (0.7) | (0.5) | ||
Net cash provided by (used in) financing activities | (145) | 7 | ||
Net increase in cash and cash equivalents | 7.9 | 9.4 | ||
Effect of exchange rates | (1.9) | (0.9) | ||
Net change in cash and cash equivalents | 6 | 8.5 | ||
Cash and cash equivalents—beginning of period | 60 | 74.4 | ||
Cash and cash equivalents—end of period | 66 | 82.9 | 66 | 82.9 |
Ryerson Holding Corporation [Member] | ||||
Operating activities: | ||||
Net income (loss) | 15.8 | 2.6 | 13.3 | 4.2 |
Non-cash expenses | (0.1) | (0.1) | ||
Equity in (earnings) loss of subsidiaries | (15.8) | (3) | (13.4) | (4.2) |
Changes in working capital | 0.1 | 0.1 | ||
Net adjustments | (13.4) | (4.2) | ||
Net cash provided by operating activities | (0.1) | |||
Financing activities: | ||||
Net increase in cash and cash equivalents | (0.1) | |||
Net change in cash and cash equivalents | (0.1) | |||
Cash and cash equivalents—beginning of period | 11.1 | 0.4 | ||
Cash and cash equivalents—end of period | 11 | 0.4 | 11 | 0.4 |
Joseph T. Ryerson [Member] | ||||
Operating activities: | ||||
Net income (loss) | 15.8 | 3 | 13.4 | 4.2 |
Non-cash expenses | 24.7 | 17.3 | ||
Equity in (earnings) loss of subsidiaries | 4.9 | (4.5) | 8 | (8.2) |
Changes in working capital | 76.6 | 12.3 | ||
Net adjustments | 109.3 | 21.4 | ||
Net cash provided by operating activities | 122.7 | 25.6 | ||
Investing activities: | ||||
Capital expenditures | (11) | (7.3) | ||
Other investing activities | 2.5 | 0.9 | ||
Net cash used in investing activities | (8.5) | (6.4) | ||
Financing activities: | ||||
Repayment of debt | (45.8) | |||
Net proceeds/(repayments) of short-term borrowings | 6.2 | (44.1) | ||
Repayment of intercompany borrowings | (68.6) | |||
Proceeds from intercompany borrowings | 24.2 | |||
Net increase (decrease) in book overdrafts | (2.8) | 2.4 | ||
Other financing activities | (0.7) | (0.5) | ||
Net cash provided by (used in) financing activities | (111.7) | (18) | ||
Net increase in cash and cash equivalents | 2.5 | 1.2 | ||
Net change in cash and cash equivalents | 2.5 | 1.2 | ||
Cash and cash equivalents—beginning of period | 4.6 | 7.8 | ||
Cash and cash equivalents—end of period | 7.1 | 9 | 7.1 | 9 |
Guarantor [Member] | ||||
Operating activities: | ||||
Net income (loss) | (4.9) | 4.5 | (7.8) | 8.2 |
Non-cash expenses | 19.1 | 8.7 | ||
Equity in (earnings) loss of subsidiaries | 3.8 | 0.9 | 4.6 | 0.8 |
Changes in working capital | 18 | (22.3) | ||
Net adjustments | 41.7 | (12.8) | ||
Net cash provided by operating activities | 33.9 | (4.6) | ||
Investing activities: | ||||
Capital expenditures | (0.5) | (0.3) | ||
Loan repayment from / to related companies | (6.2) | (24.2) | ||
Other investing activities | (0.1) | |||
Net cash used in investing activities | (6.8) | (24.5) | ||
Financing activities: | ||||
Net increase (decrease) in book overdrafts | (26.7) | 45.1 | ||
Other financing activities | 0.2 | |||
Net cash provided by (used in) financing activities | (26.5) | 45.1 | ||
Net increase in cash and cash equivalents | 0.6 | 16 | ||
Effect of exchange rates | 0.1 | |||
Net change in cash and cash equivalents | 0.7 | 16 | ||
Cash and cash equivalents—beginning of period | 0.7 | 2.4 | ||
Cash and cash equivalents—end of period | 1.4 | 18.4 | 1.4 | 18.4 |
Non-guarantor [Member] | ||||
Operating activities: | ||||
Net income (loss) | (4) | (1) | (5.3) | (1.1) |
Non-cash expenses | 5 | 2.8 | ||
Changes in working capital | 6.7 | (13.2) | ||
Net adjustments | 11.7 | (10.4) | ||
Net cash provided by operating activities | 6.4 | (11.5) | ||
Investing activities: | ||||
Capital expenditures | (1.2) | (0.6) | ||
Other investing activities | 0.1 | |||
Net cash used in investing activities | (1.2) | (0.5) | ||
Financing activities: | ||||
Net proceeds/(repayments) of short-term borrowings | 4.1 | |||
Repayment of intercompany borrowings | (0.4) | |||
Other financing activities | 0.1 | 0.1 | ||
Net cash provided by (used in) financing activities | (0.3) | 4.2 | ||
Net increase in cash and cash equivalents | 4.9 | (7.8) | ||
Effect of exchange rates | (2) | (0.9) | ||
Net change in cash and cash equivalents | 2.9 | (8.7) | ||
Cash and cash equivalents—beginning of period | 43.6 | 63.8 | ||
Cash and cash equivalents—end of period | 46.5 | 55.1 | 46.5 | 55.1 |
Eliminations [Member] | ||||
Operating activities: | ||||
Net income (loss) | (7.1) | (6.6) | (0.8) | (11.6) |
Non-cash expenses | 1.5 | |||
Equity in (earnings) loss of subsidiaries | $ 7.1 | $ 6.6 | 0.8 | 11.6 |
Changes in working capital | (1.5) | |||
Net adjustments | 0.8 | 11.6 | ||
Investing activities: | ||||
Loan repayment from / to related companies | 6.2 | 24.2 | ||
Other investing activities | 0.3 | 0.1 | ||
Net cash used in investing activities | 6.5 | 24.3 | ||
Financing activities: | ||||
Net proceeds/(repayments) of short-term borrowings | (6.2) | |||
Proceeds from intercompany borrowings | (24.2) | |||
Other financing activities | (0.3) | (0.1) | ||
Net cash provided by (used in) financing activities | $ (6.5) | $ (24.3) |
Condensed Consolidating Guara60
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $ 66 | $ 60 | $ 82.9 | $ 74.4 |
Receivables less provision for allowances, claims and doubtful accounts | 390.8 | 400.8 | ||
Inventories | 655.1 | 738.9 | ||
Other current assets | 41.7 | 41.7 | ||
Total current assets | 1,153.6 | 1,241.4 | ||
Property, plant and equipment net of accumulated depreciation | 415.4 | 425.8 | ||
Deferred income taxes | 119 | 134.1 | ||
Other noncurrent assets | 175.6 | |||
Other intangibles | 47.6 | 50.9 | ||
Goodwill | 101.3 | 102.7 | ||
Deferred charges and other assets | 18.5 | 22 | ||
Total assets | 1,855.4 | 1,976.9 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 243.6 | 220.8 | ||
Deferred income taxes | 105.6 | 106.7 | ||
Other current liabilities | 123.2 | 174.7 | ||
Total current liabilities | 472.4 | 502.2 | ||
Long-term debt | 1,120 | 1,192.5 | ||
Deferred employee benefits | 353.5 | 385.2 | ||
Taxes and other credits | 24.4 | 22.9 | ||
Total liabilities | 1,970.3 | 2,102.8 | ||
Redeemable noncontrolling interest | 0.7 | 1 | ||
Ryerson Holding Corporation stockholders’ equity | (116.9) | (128.5) | ||
Noncontrolling interest | 1.3 | 1.6 | ||
Total liabilities and equity | 1,855.4 | 1,976.9 | ||
Ryerson Holding Corporation [Member] | ||||
Assets | ||||
Cash and cash equivalents | 11 | 11.1 | 0.4 | 0.4 |
Intercompany receivable | 11.2 | 11.4 | ||
Other current assets | 0.2 | 0.2 | ||
Total current assets | 22.4 | 22.7 | ||
Deferred income taxes | 39.3 | 39.2 | ||
Total assets | 61.7 | 61.9 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 10 | 10 | ||
Other current liabilities | 0.5 | 0.5 | ||
Total current liabilities | 10.5 | 10.5 | ||
Dividends in excess of investment in subsidiaries | 168.2 | 179.9 | ||
Total liabilities | 178.7 | 190.4 | ||
Ryerson Holding Corporation stockholders’ equity | (117) | (128.5) | ||
Total liabilities and equity | 61.7 | 61.9 | ||
Joseph T. Ryerson [Member] | ||||
Assets | ||||
Cash and cash equivalents | 7.1 | 4.6 | 9 | 7.8 |
Receivables less provision for allowances, claims and doubtful accounts | 297.1 | 303.3 | ||
Inventories | 561.9 | 633.5 | ||
Other current assets | 18.4 | 12.5 | ||
Total current assets | 884.5 | 953.9 | ||
Investments in subsidiaries | 462.5 | 469.2 | ||
Property, plant and equipment net of accumulated depreciation | 368.4 | 373.2 | ||
Deferred income taxes | 93.3 | 99 | ||
Other noncurrent assets | 95.3 | |||
Other intangibles | 7.1 | |||
Goodwill | 66.8 | |||
Deferred charges and other assets | 16.8 | |||
Total assets | 1,899.4 | 1,990.6 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 43.6 | 38 | ||
Intercompany payable | 176.6 | 147.3 | ||
Deferred income taxes | 109.1 | 109.1 | ||
Other current liabilities | 88 | 135.6 | ||
Total current liabilities | 417.3 | 430 | ||
Long-term debt | 1,120 | 1,192.5 | ||
Long-term debt – intercompany | 179.4 | 169.6 | ||
Deferred employee benefits | 330.7 | 359.5 | ||
Taxes and other credits | 20.2 | 18.9 | ||
Total liabilities | 2,067.6 | 2,170.5 | ||
Ryerson Holding Corporation stockholders’ equity | (168.2) | (179.9) | ||
Total liabilities and equity | 1,899.4 | 1,990.6 | ||
Guarantor [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1.4 | 0.7 | 18.4 | 2.4 |
Receivables less provision for allowances, claims and doubtful accounts | 12.5 | 14 | ||
Inventories | 27 | 32 | ||
Intercompany receivable | 190.4 | 157.3 | ||
Other current assets | 13.1 | 14.4 | ||
Total current assets | 244.4 | 218.4 | ||
Investments in subsidiaries | 286.4 | 316.5 | ||
Intercompany notes receivable | 227.5 | 221.3 | ||
Property, plant and equipment net of accumulated depreciation | 8.3 | 8.1 | ||
Other noncurrent assets | 77.7 | |||
Other intangibles | 39.8 | |||
Goodwill | 34.9 | |||
Total assets | 841.3 | 842 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 154.2 | 137.1 | ||
Other current liabilities | 2.1 | 1.9 | ||
Total current liabilities | 156.3 | 139 | ||
Taxes and other credits | 17.7 | 8.4 | ||
Total liabilities | 174 | 147.4 | ||
Ryerson Holding Corporation stockholders’ equity | 667.3 | 694.6 | ||
Total liabilities and equity | 841.3 | 842 | ||
Non-guarantor [Member] | ||||
Assets | ||||
Cash and cash equivalents | 46.5 | 43.6 | $ 55.1 | $ 63.8 |
Receivables less provision for allowances, claims and doubtful accounts | 81.2 | 83.5 | ||
Inventories | 66.2 | 73.4 | ||
Other current assets | 14.9 | 17.4 | ||
Total current assets | 208.8 | 217.9 | ||
Property, plant and equipment net of accumulated depreciation | 38.7 | 44.5 | ||
Deferred income taxes | 2.4 | 3.1 | ||
Other noncurrent assets | 3 | |||
Other intangibles | 0.7 | |||
Deferred charges and other assets | 1.7 | |||
Total assets | 252.3 | 268.5 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 35.7 | 35.4 | ||
Intercompany payable | 25.1 | 21.6 | ||
Other current liabilities | 33 | 36.2 | ||
Total current liabilities | 93.8 | 93.2 | ||
Long-term debt – intercompany | 48.1 | 51.7 | ||
Deferred employee benefits | 22.8 | 25.7 | ||
Taxes and other credits | 3.9 | 4.2 | ||
Total liabilities | 168.6 | 174.8 | ||
Redeemable noncontrolling interest | 0.7 | 1 | ||
Ryerson Holding Corporation stockholders’ equity | 81.7 | 91.1 | ||
Noncontrolling interest | 1.3 | 1.6 | ||
Total liabilities and equity | 252.3 | 268.5 | ||
Eliminations [Member] | ||||
Assets | ||||
Intercompany receivable | (201.6) | (168.7) | ||
Other current assets | (4.9) | (2.8) | ||
Total current assets | (206.5) | (171.5) | ||
Investments in subsidiaries | (748.9) | (785.7) | ||
Intercompany notes receivable | (227.5) | (221.3) | ||
Deferred income taxes | (16) | (7.2) | ||
Other noncurrent assets | (0.4) | |||
Goodwill | (0.4) | |||
Total assets | (1,199.3) | (1,186.1) | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 0.1 | 0.3 | ||
Intercompany payable | (201.7) | (168.9) | ||
Deferred income taxes | (3.5) | (2.4) | ||
Other current liabilities | (0.4) | 0.5 | ||
Total current liabilities | (205.5) | (170.5) | ||
Dividends in excess of investment in subsidiaries | (168.2) | (179.9) | ||
Long-term debt – intercompany | (227.5) | (221.3) | ||
Taxes and other credits | (17.4) | (8.6) | ||
Total liabilities | (618.6) | (580.3) | ||
Ryerson Holding Corporation stockholders’ equity | (580.7) | (605.8) | ||
Total liabilities and equity | $ (1,199.3) | $ (1,186.1) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Aug. 03, 2015 | Jul. 24, 2015 | Apr. 03, 2013 | Jun. 30, 2015 | Aug. 13, 2014 |
Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Amended and restated credit facility agreement | $ 1,350,000,000 | $ 1,350,000,000 | $ 1,350,000,000 | ||
Scenario 2 [Member] | Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility scenario 2 maturity description of ("2017 Notes") | August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 (“2017 Notes”)), if the 2017 Notes are then outstanding. | ||||
Credit facility maturity date | Aug. 16, 2017 | ||||
Scenario 1 [Member] | Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility maturity date | Apr. 3, 2018 | ||||
Subsequent Event [Member] | Southern Tool [Member] | |||||
Subsequent Event [Line Items] | |||||
Effective date of acquisition | Aug. 3, 2015 | ||||
Description of business acquisition | On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN | ||||
Subsequent Event [Member] | Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility maximum borrowing capacity before amended | $ 1,350,000,000 | ||||
Amended and restated credit facility agreement | $ 1,000,000,000 | ||||
Credit facility decrease in spread rate | 0.50% | ||||
Line of Credit Facility Commitment Fee Percentage Decrease Increase | 0.125% | ||||
Commitment fees on amounts not borrowed | 0.25% | ||||
Subsequent Event [Member] | Scenario 2 [Member] | Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility scenario 2 maturity description of ("2017 Notes") | 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more | ||||
Minimum indebtedness including principal amount | $ 50,000,000 | ||||
Subsequent Event [Member] | Scenario 1 [Member] | Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Credit facility maturity date | Jul. 24, 2020 | ||||
Subsequent Event [Member] | Scenario, Forecast [Member] | Ryerson Secured Credit Facility [Member] | |||||
Subsequent Event [Line Items] | |||||
Charge to write-off a portion of the issuance costs | $ 2,900,000 |